NEW YORK, Jan. 05, 2019 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against, Allergan plc. (“Allergan” or the “Company”) (NYSE: AGN) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and indexed under 18-cv-12219, is on behalf of a class consisting of all persons and entities, other than Defendants and their affiliates, who purchased or otherwise, acquired Allergan securities between February 24, 2017, and December 19, 2018, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased Allergan securities between February 24, 2017, and December 19, 2018, both dates inclusive, you have until February 19, 2019, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
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Allergan is a pharmaceutical company that develops, manufactures, and commercializes branded pharmaceutical, device, biologic, surgical, and regenerative medicine products worldwide.
Through its Medical Devices business, the Company produces silicone breast implants. Breast implants are medical devices that are used to augment breast size or to reconstruct the breast following mastectomy or to correct a congenital abnormality.
Breast implants consist of a silicone outer shell and a filler (most commonly silicone gel or saline). Breast implants come in a variety of forms, include smooth and textured. In June 2011, the U.S. Food and Drug Administration (“FDA”) issued an Update on the Safety of Silicone Gel-Filled Breast Implants, which reported a link between breast implants and Anaplastic Large Cell Lymphoma (“ALCL”). Following the FDA’s Update, information was added to the products’ labeling, but the added warnings are deeply embedded in a dense list of complications.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) textured breast implants manufactured by Allergan were linked to ALCL; (ii) the foregoing link to cancer, when revealed, would foreseeably force Allergan to recall those textured breast implants from the market; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On December 18, 2018, France’s National Agency for the Safety of Medicines & Health Products ordered the recall of textured breast implants manufactured by Allergan from the European market, stating that the implants “have been linked to a rare form of cancer”—specifically, anaplastic large cell lymphoma. On December 19, 2018, Allergan stated that it would remove its textured breast implants from the European market.
Following these announcements, Allergan’s stock price fell $10.20, or nearly 7%, to close at $136.56 on December 19, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 9980
