Lawsuit Overview
August 6, 2019 - The court denied the defendants' motion to dismiss.
January 22, 2018 - A motion to dismiss the second amended consolidated complaint was filed.
November 28, 2017 - A second amended consolidated complaint was filed.
May 1, 2017 - An amended consolidated complaint was filed.
February 2, 2017 - The case was transferred to the U.S. District Court for the District of New Jersey.
November 4, 2016 (Shareholders Foundation) - An investor in shares of Allergan plc (NYSE:AGN) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Allergan plc in connection with certain allegedly false and misleading statements made between February 25, 2014 and November 3, 2016.
According to the complaint the plaintiff alleges on behalf of purchasers of Allergan plc (NYSE:AGN) common shares between February 25, 2014 and November 3, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 25, 2014 and November 3, 2016, the Defendants made certain false and/or misleading statements and/or failed to disclose that Allergan and Actavis were allegedly engaging and/or had engaged in conduct that would result in an antitrust investigation by the U.S. Department of Justice, that the DOJ investigation and the underlying conduct could cause U.S. prosecutors to file criminal charges against Allergan and Actavis by the end of 2016 for suspected price collusion. that in turn, Allergan and Actavis lacked effective internal controls, and that as a result, Allergan plc’s and Actavis plc’s public statements were materially false and misleading at all relevant times.
According to news reports United States prosecutors may file criminal charges against Allergan plc and others by the end of 2016 for suspected price collusion.
It was reported that the, “antitrust investigation by the Justice Department, begun about two years ago, now spans more than a dozen companies and about two dozen drugs, according to people familiar with the matter. The grand jury probe is examining whether some execudtives agreed with one another to raise prices, and the first charges could emerge by the end of the year, they said.”
The companies identified as targets or relevant parties in the United States investigation include Mylan NV, Teva Pharmaceutical Industries Ltd, Allergan Plc, Lannett Co., Impax Laboratories Inc., Sun Pharmaceutical Industries Ltd., Mayne Pharma Group Ltd., Endo International Plc and Taro Pharmaceutical Industries Ltd.
Allergan plc Ordinary Shares (NYSE:AGN) declined on November 3, 2016 to as low as $186.34 per share.