HENDERSONVILLE, TN / ACCESSWIRE / October 26, 2019 / The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 18 years, reminds investors that a purchaser of Cardinal Health, Inc. (CAH) filed a class action complaint against the company for alleged violations of the Securities Exchange Act of 1934 between March 2, 2015 and May 2, 2018. Cardinal operates as an integrated healthcare services and products company.
Cardinal Health, Inc. (CAH) Accused of Misleading Shareholders
According to the complaint, in March 2015, Cardinal announced its plan to acquire Cordis, a medical device manufacturer, touting that the acquisition would allow Cardinal to enter into the higher-margin cardiovascular market and provide it with a global platform for growth. Following the acquisition, Cardinal continuously assured that Cordis was performing as expected and integrating successfully. Despite the optimistic assurances, Cordis' operations experienced a number of deficiencies with its existing global supply chain and inventory control systems, which were antiquated and ineffective, resulting in excessive amounts of unsellable cardiovascular product inventories. Cordis' deficiencies came to light in August 2017, when Cardinal had to report weak earnings for its fourth quarter and lowered its earnings guidance for fiscal year 2018 due to "higher-than-planned write-offs for excess inventory." On this news, Cardinal's stock fell over 8%. Then, on May 3, 2018, Cardinal disclosed lower-than-expected earnings due to Cordis' "disappointing performance." On this news, Cardinal's stock declined over 21% to close at $50.80 and has yet to recover.
Cardinal Health Shareghoders Urged to Contact the Firm
If you purchased Cardinal Health securities, have information, or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Timothy L. Miles, Esquire, at 615-587-738, Toll-Free at 855-846-6529, or by email to [email protected]. If you inquire by email please include your mailing address, telephone number, and the number shares owned.
About Timothy L. Miles
Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recently selected as a 2019 Elite Lawyer of The South by Martindale-Hubbell® and ALM and maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019). Awards: 2019 Elite Lawyer of The South by Martindale-Hubbell® and ALM (2019); Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV® Preeminent™ Rating by Martindale-Hubble® (2014-2019); PRR AV Preeminent Rating on Lawyers.com (2017 & 2019); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble® 2015); Distinguished Lawyer, Recognizing Excellence in Securities Law, Lawyers of Distinction (2019); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for 2017 & 2018 (Avvo).
Contact:
Timothy L. Miles, Esq.
Law Offices of Timothy L. Miles
124 Shiloh Ridge
Hendersonville, TN 37075
Telephone: (855-846-6529)
Email: [email protected] Website: www.timmileslaw.com
SOURCE: The Law Offices of Timothy L. Miles