(July 15, 2018). Dear Savvy Reader: Before you read any further, please look at the five (5) year chart for Concordia International Corp. (TSX: “CXR”).  The Company’s shares were trading over $100 and are now under $1.00.

This securities class action arises out of Concordia’s failure to disclose adverse material facts as well as misrepresentations relating to Concordia’s business model, growth platform, pro forma revenues and dividend payments in documents released from March 23, 2016 to August 11, 2016. On August 12, 2016, Concordia issued the Corrective Disclosure, in which its founder and former Chief Executive Officer announced that the Company was lowering its earnings guidance to reflect the impact of competition on several products in its North America segment as well as the effect of foreign exchange rates. In doing so, Concordia reduced its 2016 projected revenues from $1.02-1.06 billion to $859-888 million and reduced its adjusted EBITDA from $610-640 million to $510-540 million. The Corrective Disclosure also informed the public that Concordia’s Chief Financial Officer was stepping down and that the Company’s Board of Directors had unanimously agreed to suspend its $0.075/common share quarter dividend. As a result, Concordia’s stock price on the Toronto Stock Exchange fell roughly 54.1% within 10 trading days following the Corrective Disclosure.  Thereon after, the investment proposition

For several complex (legalize) reasons, including a recapitalization transaction that includes a private placement that liquidates existing shareholders down to less than 1% of the outstanding limited voting shares (and all options, warrants, rights and similar instruments were cancelled by the Ontario court), which we welcome discussing with you, the Canadian shareholder class action has resolved for USD $13.9 million and subject to court approval.  Bottom line, there are no winners here but, rather, everyone has lost here.  The situation simply underscores that Responsible Issuers should, and must, make disclosure of all material facts in a timely manner to investors so they can assess whether they want to continue holding the shares.