NEW YORK, Jan. 31, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Perrigo Company plc ("Perrigo" or the "Company")(NYSE: PRGO ) of the March 4, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Perrigo stock or options between November 8, 2018 and December 20, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/PRGO . There is no cost or obligation to you.
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 .
CONTACT: 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
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 Perrigo common stock between November 8, 2018 and December 20, 2018 (the "Class Period"). The case, Masih v. Perrigo Company plc et al. , No. 19-cv-00070 was filed on January 3, 2019, and has been assigned to Judge Denise L. Cote.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and misleading statements in a Form 10-Q filed on November 8, 2018, for the period ended September 29, 2018 pertaining to " the amount of adjustments, if any, that may ultimately be asserted by the Irish Revenue cannot be quantified at this stage."
On December 20, 2019, Perrigo filed a form 8-K, which revealed that " Irish Revenue issued an audit findings letter to Elan Pharma asserting the claim (a) that IP sales transactions by Elan Pharma, including the sale of Tysabri®, were not part of the trade of Elan Pharma and therefore should have been treated as chargeable gains subject to an effective 33% tax rate, rather than the 12.5% tax rate applicable to trading income, and (b) that all amounts received in respect of both the Tysabri® transaction and the related transaction entered into with RPI Finance Trust in 2017 should be taxed in Elan Pharma’s 2013 tax year."
On this news, Perrigo's share price fell from $52.36 per share on December 20, 2018 to a closing price of $37.03 on December 21, 2018: a $15.33 or a 29.28% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who 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 to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Perrigo's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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