SAN DIEGO (BusinessWire) – Haeggquist & Eck, LLP, a leading shareholder rights litigation firm, is investigating whether directors and officers of Perrigo Company plc (“Perrigo”) (NYSE: PRGO) breached their fiduciary duties to Perrigo and its shareholders. If you are a Perrigo shareholder, you are encouraged to contact Amber Eck at Haeggquist & Eck for additional information.
Perrigo, together with its subsidiaries, develops, manufactures, markets, and distributes over-the-counter consumer goods and pharmaceutical products worldwide. On February 27, 2017, during aftermarket hours, Perrigo disclosed the resignation of its Chief Financial Officer and that it would not timely file its 2016 annual financial statements. Perrigo further disclosed that its independent auditors were evaluating Perrigo’s historical revenue recognition regarding its multiple sclerosis prescription medication, Tysabri. Perrigo could not provide assurance that it would not need to restate its financial statements. On this news, Perrigo shares fell sharply during intraday trading on February 28, 2017.
In May 2017, Perrigo announced that its offices had been raided by the Department of Justice as part of a criminal price-fixing probe, and that Perrigo was required to restate earnings, conceding in a May 22, 2017 restatement that the balance sheets it disclosed prior to, during, and after fighting Mylan’s tender offer should have recorded billions of dollars of deteriorating fair values for the Tysabri royalty stream.
In August 2018, Humana, Inc., one of the nation’s largest health insurance companies, sued Perrigo for engaging in a price-fixing scheme to manipulate the prices of generic drugs. The complaint alleges that Perrigo conspired with other pharmaceutical companies “to manipulate the relevant markets, allocate these markets among themselves, and obstruct generic competition.”
What You Can Do
If you are a Perrigo shareholder, you may have legal claims against its directors and officers. If you wish to discuss your legal rights, please contact attorney Amber Eck.
Haeggquist & Eck, LLP is a nationally recognized leader in shareholder rights law. The firm represents individual investors in shareholder derivative lawsuits, and members of the firm have helped shareholders recover more than $1 billion of value for themselves and the companies in which they have invested.
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