Pomerantz LLP announces that a class action lawsuit has been filed against PetMed Express, Inc. ("PetMed" or the "Company") and certain of its officers. The class action, filed in United States District Court, Southern District of Florida, and docketed under 17-cv-81019, is on behalf of a class consisting of investors who purchased or otherwise acquired PetMed securities, seeking to recover compensable damages caused by defendants' violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased PetMed securities between May 8, 2017, and August 23, 2017, both dates inclusive, you have until October 24, 2017, to ask the Court to appoint you as Lead Plaintiff for the class. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
PetMed Express, Inc. and its subsidiaries, doing business as 1-800-PetMeds, operates as a pet pharmacy in the United States. The Company markets prescription and non-prescription pet medications, health products, and supplies for dogs and cats to retail customers.
The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) PetMed engaged in questionable practices in connection with the sales and marketing of the Company's opioid products; (ii) the foregoing conduct, when it became known, would likely subject the Company to heightened legal and regulatory scrutiny; and (iii) as a result of the foregoing, PetMed's public statements were materially false and misleading at all relevant times.
On August 23, 2017, Aurelius Value published a report entitled "PetMed: Exploiting America's Opioid Epidemic," alleging that the Company targets opioid users with Google ads and other marketing techniques aimed at facilitating the abuse of opioids.
On this news, PetMed's share price fell $3.19, or 8.09%, to close at $36.22 on August 23, 2017.