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Teva Pharmaceutical Industries Limited (NYSE: TEVA) Investor Securities Class Action Lawsuit 09/23/2020

  • If you purchased shares of Teva Pharmaceutical Industries Limited (NYSE: TEVA), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
Teva Pharmaceutical Industries Ltd
Security
NYSE: TEVA

Case Name
Teva Pharmaceutical Shareholder Class Action Lawsuit 09/23/2020
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Eastern District of Pennsylvania

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Summary

May 25, 2021 - An amended complaint was filed.

September 23, 2020 - An investor in shares of Teva Pharmaceutical Industries Limited (NYSE: TEVA) filed a lawsuit in the U.S. District Court for the Eastern District of Pennsylvania over alleged violations of Federal Securities Laws by Teva Pharmaceutical Industries Limited in connection with certain allegedly false and misleading statements made between October 29, 2015 and August 18, 2020.

Israel based Teva Pharmaceutical Industries Limited, a pharmaceutical company, develops, manufactures, markets, and distributes generic medicines, specialty medicines, and biopharmaceutical products in North America, Europe, and internationally.

On August 18, 2020, the United States Department of Justice ( DOJ ) issued a press release announcing that it had filed a complaint against Teva Pharmaceutical Industries Limited under the False Claims Act. Specifically, [t]he government alleges that, from 2007 through 2015, Teva paid The Assistance Fund (TAF) and Chronic Disease Fund (CDF) with the intent and understanding that the foundations would use Teva's money to cover the Medicare co-pays of patients taking Copaxone. During the same period, Teva raised the price of Copaxone from approximately $17,000 per year to over $73,000 per year. Shares of Teva Pharmaceutical Industries Limited (NYSE: TEVA) declined to as low as $8.46 per share on September 24, 2020.

According to the complaint the plaintiff alleges on behalf of purchasers of Teva Pharmaceutical Industries Limited (NYSE: TEVA) common shares between October 29, 2015 and August 18, 2020, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between October 29, 2015 and August 18, 2020, the Defendants made false and/or misleading statements and/or failed to disclose that Teva had made substantial illegal kickback payments to charitable foundations to cover Medicare co-payment obligations of patients taking Copaxone, that accordingly, Teva's revenues derived from Copaxone were in part the product of unlawful conduct and thus unsustainable, that the foregoing misconduct subjected Teva to a foreseeable risk of heightened regulatory scrutiny and enforcement, as well as reputational harm when the truth became known, and that as a result, the Company's public statements were materially false and misleading at all relevant times.