Sirtex Medical Stock Falls on Shareholder Suit
Sirtex Medical shares fell this week after announcing it is facing a suit from shareholders alleging it breached continuous disclosure obligations and engaged in misleading and deceptive conduct.
The Australian company said it has received a draft claim of the suit, which alleges that the double-digit growth outlook for dose sales for its fiscal year 2017, which the company announced on Aug. 24 last year, “has no reasonable grounds.”
Sirtex said it requested it have until Feb. 13 to reply to the claim, and that it would “vigorously defend” itself, according to an Australian Business Review report.
The Australian company said it has received a draft claim of the suit, which alleges that the double-digit growth outlook for dose sales for its fiscal year 2017, which the company announced on Aug. 24 last year, “has no reasonable grounds.”
Sirtex said it requested it have until Feb. 13 to reply to the claim, and that it would “vigorously defend” itself, according to an Australian Business Review report.