SAN DIEGO, CA / ACCESSWIRE / November 18, 2019 / The Shareholders Foundation, Inc. announces that a lawsuit is pending for certain investors in Cardinal Health, Inc. (NYSE:CAH) shares.
Investors, who purchased shares of Cardinal Health, Inc. (NYSE:CAH) in March 2015 or earlier and continue to hold NYSE: CAH shares, have certain options and should contact the Shareholders Foundation at [email protected] or call +1(858) 779 - 1554.
On May 3, 2018, Cardinal Health, Inc announced its results for its third quarter fiscal year 2018 and cut its fiscal year 2018 earnings guidance. Cardinal Health, Inc explained that the "biggest variable driving these results" was the "disappointing performance" of the Cordis business. Contrary to the Company's prior statements that it had visibility into Cordis's inventory and that the Company properly reserved for obsolete inventory, the Company revealed that after launching a new global supply chain IT platform over the last quarter at Cordis, it discovered millions of dollars of unsellable and expired heart stents and catheters stationed overseas that had to be written off.
On August 1, 2019, a lawsuit was filed against Cardinal Health, Inc. over alleged violations of Federal Securities Laws. The plaintiff alleges that the defendants misled investors by stating that Cordis would benefit from Cardinal's advanced inventory management and supply chain information technology solutions, that Defendants also falsely represented that the Company properly "reserve[d] for inventory obsolescence" and that "[i]nventories presented in the consolidated balance sheets [were] net of reserves for excess and obsolete inventory", and that as a result of these misrepresentations, Cardinal shares traded at artificially inflated prices between March 2, 2015 and May 2, 2018.
Those who purchased Cardinal Health, Inc. (NYSE:CAH) shares should contact the Shareholders Foundation, Inc.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
[email protected]
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a 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. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.
SOURCE: Shareholders Foundation, Inc.