Lawsuit Overview
December 13, 2019 - A second amended consolidated complaint was filed.
September 25, 2019 - The court granted in part and denied in part the defendants' motion to dismiss.
September 14, 2018 - A motion to dismiss the amended consolidated complaint was filed.
June 22, 2018 - An amended consolidated complaint was filed.
April 3, 2018 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.
December 1, 2017 - A motion to dismiss the consolidated complaint was filed..
September 11, 2017 - A consolidated complaint was filed.
August 2, 2017 - A complaint was filed.
April 3, 2017 - The case was transfers to the U.S. District Court for the District of Connecticut.
November 7, 2016 (Shareholders Foundation) - An investor in shares of Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Teva Pharmaceutical Industries Ltd in connection with certain allegedly false and misleading statements made between February 10, 2015 and November 3, 2016.
According to the complaint the plaintiff alleges on behalf of purchasers of Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) common shares between February 10, 2015 and November 3, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 10, 2015 and November 3, 2016 the Defendants made false and/or misleading statements and/or failed to disclose that Teva Pharmaceutical Industries Ltd was engaging and/or had engaged in conduct that would result in an antitrust investigation by the U.S. Department of Justice ( DOJ ) and the State of Connecticut Office of the Attorney General, that the DOJ investigation and the underlying conduct could cause U.S. prosecutors to file criminal charges against Teva Pharmaceutical Industries Ltd by the end of 2016 for suspected price collusion, that in turn, Teva Pharmaceutical Industries Ltd lacked effective internal controls over financial reporting, and that as a result, Teva Pharmaceutical Industries' public statements were materially false and misleading at all relevant times.
Teva Pharmaceutical Industries Ltd reported that its annual Total Revenue declined from over $20.27 billion in 2014 to over $19.65 billion in 2015 and that its Net Income declined from over $3.05 billion in 2014 to over $1.58 billion in 2015.
According to news reports, United States prosecutors may file criminal charges against Teva Pharmaceutical Industries Ltd and others by the end of 2016 for suspected price collusion.
It was has 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 executives 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.
Shares of Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) declined to as low as $37.82 per share on November 3, 2016.