SAN FRANCISCO, Oct. 17, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP alerts investors in Mylan N.V. (NASDAQ: MYL ) to the securities class action lawsuit filed in the United States District Court for the Southern District of New York and of the December 12, 2016 Lead Plaintiff deadline.
If you purchased or otherwise acquired securities of Mylan N.V. between February 21, 2012 and October 7, 2016 and suffered significant losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/MYL
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing MYL@hbsslaw.com .
The siege on Mylan in part surrounds its billing practices concerning its EpiPen Auto-Injector products that management wrongly classified as generic non-innovator drugs having little or no competition in the marketplace. The advantage of Defendants doing so was that the Company paid lower rebates than legally required to do.
Yet, as reported by Inside Health Policy on September 2, 2016, 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.”
This news drove the price of Mylan securities down over 4%. Subsequent articles by Bloomberg and The Fiscal Times provided additional detail.
Bloomberg reported that CMS informed Mylan that EpiPen was incorrectly classified and potentially costing the government as much as $163 million in overpaid rebates. The Fiscal Times also reported that “[t]he incorrect classification appears to have cost the federal government more than $100 million in the last five years alone.”
Then, Mylan announced it resolved a separate U.S. Department of Justice investigation, agreeing to pay $465 million.
In response the price of Mylan securities fell approximately 5% during the next two trading days to close at $35.94 per share on October 7, 2016.
“Management apparently knew about Mylan’s misclassification,” said Hagens Berman partner Reed Kathrein. “We’re evaluating the excuses given for doing so for such a long time.”
Whistleblowers: Persons with non-public information regarding Mylan should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email MYL@hbsslaw.com .
About Hagens Berman Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com . Read the Firm’s Securities Newsletter , and visit the blog . For the latest news visit our newsroom or follow us on Twitter at @classactionlaw .
Contact: Reed Kathrein, 510-725-3000
