BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Cardinal Health, Inc. (“Cardinal Health” or the “Company”) (NYSE: CAH) investors concerning the Company and its officers’ possible violations of federal securities laws.
On August 2, 2017, Cardinal Health announced low earnings for its fourth quarter and fiscal year 2017, along with lowering its earnings guidance for fiscal year 2018 due to “higher-than-planned write-offs for excess inventory” at Cordis, which the Company had purchased in March 2015 from Johnson & Johnson.
On this news, Cardinal Health’s share price fell $6.34 per share, or over 8%, to close at $70.99 on August 2, 2017, thereby injuring investors.
Then, on May 3, 2018, the Company reported negative results for third quarter 2018 due to the “disappointing performance from [its] Cordis business.” Cardinal Health disclosed additional write-offs for millions of dollars of unsellable and expired heart stents and catheters stationed overseas.
On this news, Cardinal Health’s share price fell $13.85 per share, or over 21%, to close at $50.80 on May 3, 2018, thereby injuring investors.
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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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