A lawsuit was filed by a current investor in Aceto Corporation (NASDAQ: ACET) shares over alleged breaches of fiduciary duty by certain directors.
San Diego, CA -- (SBWIRE) -- 11/16/2018 -- The Shareholders Foundation announces that an investor in shares of Aceto Corporation (NASDAQ: ACET) filed a lawsuit against certain directors of Aceto Corporation over alleged breaches of fiduciary duties.
Investors who are current long term investors in Aceto Corporation (NASDAQ: ACET) shares, have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
Thr plaintiff alleges that Aceto Corporation assured investors that Aceto Corporation's internal control over financial reporting was effective and that in reality, Aceto Corporation lacked proper internal control to identify the misapplication of cash.
The plaintiff claims that Aceto Corporation began to reveal its troubles on November 3, 2017, when it disclosed that the company's system of internal control failed to generate a report to assure that the aging of trade receivables was accurate and that Aceto Corporation's problems became more apparent on February 2, 2018, when it revealed a net loss of $13.86 million, compared to a net loss of $560,000 in the previous year's comparable quarter.
On April 18, 2018, Aceto Corporation announced that its 2018 fiscal year earnings guidance should no longer be relied upon and that it anticipates recording non-cash intangible asset impairment charges in the range of $230 million to $260 million.
Those who purchased shares of Aceto Corporation (NASDAQ: ACET) have certain options and should contact the Shareholders Foundation.
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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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