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(August 11, 2017)
LOS ANGELES--(BUSINESS WIRE)--$RDY #fraud--Glancy Prongay & Murray LLP (?GPM) announces an investigation on behalf of investors of Dr. Reddys Laboratories, Ltd. ("Dr. Reddys" or the "Company") (NYSE: RDY) concerning the Companys and its officers possible violations of federal securities laws. To obtain information or aid in the investigation, please visit the Dr. Reddys investigation page on our website at https://www.glancylaw.com/case/dr-reddys-laboratories-ltd.
On November 6, 2015, Dr. Reddy's reported that the Company received a "warning letter" from the United States Food and Drug Administration (?FDA) over inadequate quality controls at three manufacturing plants producing drugs for cancer and other diseases. The Company further disclosed that it was undertaking an initiative to revamp the Companys quality controls. On this news shares of Dr. Reddys sharply fell over several days, thereby damaging investors.
On August 10, 2017, the Company disclosed that Betapharm Arzneimittel GmbH, Germany, Dr Reddy's wholly owned subsidiary, received a communication from the Regulatory Authority of Germany (Regierung von Oberbayern) stating that the good manufacturing practices compliance certificate for the Company's formulations manufacturing Unit-2 plant was not renewed due to a recent inspection of the facility.
On this news, the Companys share price fell $1.92 per share, or 5.95%, to close at $30.33 per share on August 10, 2017.
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If you purchased Dr. Reddy's 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 Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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