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You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of September 22, 2020 by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
You must register to view and download the Settlement Notice and Settlement Proof.
December 23, 2020 - The court granted final approval of the settlement and entered final judgment.
May 18, 2020 - The court preliminarily approved the settlement.
May 15, 2020 - A stipulation of settlement was filed by the parties.
August 22, 2017 (Shareholders Foundation) - An investor in shares of Dr.Reddy’s Laboratories Ltd (ADR) (NYSE:RDY) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Dr.Reddy’s Laboratories Ltd in connection with certain allegedly false and misleading statements made between June 17, 2015 and August 10, 2017.
According to the complaint the plaintiff alleges on behalf of purchasers of Dr.Reddy’s Laboratories Ltd (ADR) (NYSE:RDY) common shares between June 17, 2015 and August 10, 2017, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that between June 17, 2015 and August 10, 2017, the defendants made false and/or misleading statements and/or failed to disclose that Dr. Reddy’s lacked an effective corporate quality system, and that as a result, defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages. India based Dr. Reddy's Laboratories Limited is a pharmaceutical company that is engaged in providing medicines. Shares of Dr.Reddy's Laboratories Ltd (ADR) (NYSE:RDY) reached as high as $67.26 per share in August 2015.
On November 6, 2015, Dr.Reddy's Laboratories Ltd’s announced that it had received a warning letter issued by the U.S. Food and Drug Administration (“FDA”) concerning inadequate quality control standards at three of the Company's manufacturing plants in India.
On August 10, 2017, Dr.Reddy's Laboratories Ltd’s disclosed that the Regulatory of Germany (Regierung von Oberbayern) did not renew the good manufacturing practices (GMP) compliance certificate of a formulations manufacturing unit of the Company's German subsidiary Betapharm Arzneimittel, located in Hyderabad, India, following a recent inspection of the plant. Shares of Dr.Reddy's Laboratories Ltd (ADR) (NYSE:RDY) declined to as low as $30.22 per share on August 10, 2017.