NEW YORK, Nov. 07, 2016 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Teva Pharmaceutical Industries Ltd. (“Teva” or the “Company”) (NYSE: TEVA ) of the January 2, 2017 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 Central District of California on behalf of all those who purchased American Depositary Shares (“ADSs”) of Teva between February 10, 2015 and November 3, 2016 (the “Class Period”). The case, Galmi v. Teva Pharmaceutical Industries Limited et al , No. 2:16-cv-08259 was filed on November 6, 2016.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that the Company had engaged in activity that would prompt a Department of Justice (“DOJ”) antitrust investigation that could lead to potential criminal charges against the Company.
Specifically, on August 4, 2016, the Company filed a Form 6-K with the Securities Exchange Commission disclosing that the company’s subsidiary, Teva USA, received two subpoenas by a government investigations relating to Teva’s pricing and marketing of certain products. Then, on November 3, 2016, Bloomberg published the article “U.S. Charges inGeneric-Drug Probe to Be Filed by Year End” which discussed the DOJ’s two year investigation of suspected price collusion by several pharmaceutical companies. The article includes Teva among the companies being investigated and also states that the investigation will likely result in prosecutors filing criminal charges by the end of the year.
After the announcement, Teva’s share price fell from $43.33 per share on November 2, 2016 to a closing price of $39.30 on November 3, 2016—a $4.03 or a 9.3% drop.
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Take Action
If you invested in Teva ADSs between February 10, 2015 and November 3, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/TEVA . 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 Teva’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. Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( www.faruqilaw.com ). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
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
