NEW YORK, Oct. 11, 2016 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Mylan N.V. (“Mylan” or the “Company”) (NASDAQ: MYL ) of the December 12, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Mylan stock or options between February 28, 2013 and October 7, 2016 (the “Class Period”). The case, Van Duppen v. Mylan N.V. et al , No. 1:16-cv-07926 was filed on October 11, 2016.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by providing misstatements on payments made to government health-insurance programs with respect to the Company’s EpiPen product.
Specifically, on September 2, 2016, Inside Health Policy published an article revealing that the Centers for Medicare & Medicaid Services (“CMS”) “informed Mylan that it incorrectly classified EpiPen as a generic under the Medicaid rebate program, which caused financial consequences for federal and state governments by reducing the amount of quarterly rebates Mylan owed for its product.”
After the announcement, Mylan’s share price fell from $41.92 per share on September 1, 2016 to a closing price of $39.97 on September 2, 2016—a $1.95 or a 4.65% drop.
A subsequent Bloomberg article published on October 5, 2016, cited a letter from CMS to Senator Ron Wyden of Oregon stating that, due to the misclassification, between 2011 through 2015, Mylan N.V. and Mylan Inc. paid a smaller rebate of 13%, or about $163 million, when it should have been paying a rebate of 23.1% or more.
Then, on October 6, 2016, The Fiscal Times published an article titled “Lawmakers Say EpiPen Maker Bilked Medicare for More than $100 Million”, stating that “[t]he incorrect classification appears to have cost the federal government more than $100 million in the last five years alone.”
After the announcement, Mylan’s share price fell from $38.03 per share on October 5, 2016 to a closing price of $35.94 on October 7, 2016—a $2.09 or a 5.50% drop.
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Take Action
If you invested in Mylan stock or options between February 28, 2013 and October 7, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/MYL . You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Mylan’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
