Concordia International Corp (NASDAQ: CXRX)
Concordia International started the day off like any other day in the market. However, minutes ago, the CNA Finance team noticed something strange. From there, the stock started to tank. Nonetheless, we believe we’ve dug up the reason. Here’s what’s happening, why it’s happening, and what we can expect to see from CXRX moving forward.
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CXRX Takes A Dive
As mentioned above, Concrodia International was off to a relatively normal start in the market today. That is until just a few minutes ago when the stock started to take a dive. Falling from the green to the red in minutes, CXRX is currently (11:13) trading at $4.03 per share after a loss of $0.20 per share or 4.73%.
Why We’re Seeing The Declines
These are big declines, but what exactly is going on? As soon as the trend started, the CNA Finance team went digging, and it didn’t take long to dig something up. According to Twitter chatter, Concordia International is now under investigation. Unfortunately, there hasn’t been any news with regard to why CXRX is under investigation. Nonetheless, we will bring that news to you as soon as it becomes available.
Update: This news is no longer chatter. The company is now under investigation by the UK CMA. The agency said that it is investigating various issues surrounding the UK pharmaceutical industry and that Concordia International is indeed part of the investigation.
What We Can Expect To See Ahead
Moving forward, I’m not quite sure what to expect. Ultimately, Twitter chatter can prove to be just that, chatter. However, if an investigation is taking place, this thing could get very ugly, very quickly. So, keep your eyes peeled with regard to CXRX as whichever direction this heads, it’s going to be an interesting ride.
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