PetMed Express, Inc. (NASDAQ: PETS)
On August 23, 2017, a blog post by Aurelius Value entitled “PetMed: Exploiting America’s Opioid Epidemic” raised several critical questions about PetMed. More specifically, Aurelius alleged PetMed has been targeting the sale of opioid medication like tramadol to individuals, not just pet owners for the pets themselves.
This post drove the price of PetMed shares down $3.19, or about 8% on heavy volume, to close at $36.22 on August 23, 2017.
On August 24, 2017, Benzinga reported ads for PetMed’s tramadol were removed from Alphabet Inc.’s Google searches.
“We’re investigating the merits of Aurelius’ allegations and, if true, the damages suffered by PetMed investors,” said Hagens Berman partner Reed Kathrein.
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