Type of Claim: Opt-out of US class action
Claim Period: 21 April 2015 – 3 May 2017
Defendants: Perrigo Company Plc, et al
Jurisdiction: United States District Court, District of New Jersey
Governing Law: United States federal laws
Opt-out deadline: No deadline has been set as class yet to be certified.
Perrigo is one of the world’s largest manufacturers of generic and private label over-the-counter pharmaceuticals and supplements. Its original headquarters were in Allegen, Michigan, however, as part of its takeover of the Irish company, Elan, it created an Irish holding company in 2013. Perrigo is dual listed and trades on the New York (NYSE: PRGO) and the Tel Aviv stock exchange.
Perrigo was the subject of an unsolicited bid by the pharmaceutical conglomerate, Mylan NV, on 8 April 2015. As part of its defence against the bid, Perrigo made several statements to discourage shareholders from accepting the Mylan bid. Perrigo was ultimately successful in its defence and the Mylan bid expired on 13 November 2015 after failing to achieve a tender of 50% or more of Perrigo’s shares.
However, in the 18 months following its successful defence of the takeover bid, Perrigo made a series of financial announcements, including lowering revenue estimates and announcing impairment charges, that led plaintiffs to claim that Perrigo made misrepresentations and material omissions while fighting the hostile takeover.
A class action (16-CV-02805) was filed in federal court in New Jersey before the Honourable Judge Madeline Cox Arleo with a class period of 21 Aril 2015 to 3 May 2017. On the 27 July 2018, the judge denied in substantial part the defendants’ motion to dismiss and the case has now proceeded to discovery.
Stewarts believes that clients with significant losses (>$25m) may be able to maximise their recovery by opting out of the US class action and filing a direct-action complaint.
Stewarts is prepared to perform a confidential damages analysis free of charge and without obligation for clients. In order to undertake that analysis, Stewarts requires clients to provide their transactional data.
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