Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Mylan N.V. (“Mylan” or the “Company”) (NASDAQ: MYL) between May 9, 2018 and May 6, 2019, inclusive (the “Class Period”).
If you purchased Mylan securities, and/or would like to discuss your legal rights and options, please click “Join Class Action” above.
New York, New York — Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Mylan N.V. (“Mylan” or the “Company”) (NASDAQ: MYL) between May 9, 2018 and May 6, 2019, inclusive (the “Class Period”). The lawsuit filed in the United States District Court for the Western District of Pennsylvania alleges violations of the Securities Exchange Act of 1934.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Mylan’s Morgantown facility was in significant violation of the FDA’s Current Good Manufacturing Practice regulations; (2) Mylan would need to engage in a massive restructuring and remediation program; (3) Mylan’s North American Segment would be substantially impacted by said program, which would in turn materially impact Mylan’s financial health; (3) Mylan lacked effective internal control over financial reporting; and (4) as a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times.
The truth began to emerge with a series of disclosures (and subsequent stock drops) beginning on August 8, 2018. Finally, on May 7, 2019, before the market opened, Mylan issued a press release announcing the Company’s financial and operating results for the first fiscal quarter ended March 31, 2019. The press release disclosed, among other information, that “North America segment net sales … [were] down 6% on an actual and constant currency basis, primarily driven by changes in the competitive environment and the impact of the Morgantown plant remediation activities.”
On this news, the price of the Company’s common stock declined $6.73, from a close on May 6, 2019 of $28.26 per share, to a close on May 7, 2019 of $21.53 per share, a drop of approximately 23.81 percent.
If you wish to serve as lead plaintiff, you must move the Court no later than February 14, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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