This Action is a securities class action lawsuit alleging violations of Sections 10(b), 14(e) and 20(a) of the Securities Exchange Act of 1934 and certain claims under Israeli law. This lawsuit asserts that Defendants made material misrepresentations and omissions regarding: (a) the performance and integration of Omega, which Perrigo acquired in early 2015; and (b) Perrigo’s pricing strategy, noncompetitive practices, and the competitive environment for Perrigo’s generic prescription drug unit. Defendants are Perrigo, Joseph Papa, Perrigo’s former Chief Executive Officer, and Judy Brown, Perrigo’s former Chief Financial Officer.
This Action was commenced on May 18, 2016. On February 10, 2017, the Court issued an Order appointing Perrigo Institutional Investor Group (consisting of Migdal Insurance Company Ltd., Migdal Makefet Pension and Provident Funds Ltd., Clal Insurance Company Ltd., Clal Pension and Provident Ltd., Atudot Pension Fund for Employees and Independent Workers Ltd., and Meitav DS Provident Funds and Pension Ltd.) as Lead Plaintiff and appointing Pomerantz LLP and Bernstein Litowitz Berger & Grossmann LLP as co-Lead Counsel.
On June 21, 2017, Lead Plaintiff filed its Amended Complaint for Violation of Federal Securities Laws (the “Amended Complaint”). On August 21, 2017, Defendants moved to dismiss the Amended Complaint. On July 27, 2018, the Court issued an Order granting in part and denying in part Defendants’ motion to dismiss.
On November 30, 2018, Lead Plaintiff filed a motion for class certification. On November 14, 2019, the Court certified the Classes defined on the Home page of this website, appointed Lead Plaintiff to serve as Class Representative, and appointed Pomerantz LLP and Bernstein Litowitz Berger & Grossmann LLP as Class Counsel.
Defendants deny all claims and wrongdoing asserted in the Action and any liability arising out of the conduct alleged in the Amended Complaint.
Discovery in this Action is ongoing. The Court has not yet set a deadline for filing summary judgment motions or scheduled a trial date.