Lead Plaintiff Deadline: 08/25/2020
SUMMARY OF CASE:
A securities class action has been filed against Mylan N.V. (MYL) on behalf of investors in Mylan common stock between February 16, 2016 through May 7, 2019. This case has been filed in the USDC – Western District of Pennsylvania.
Mylan is the second largest generic drug manufacturer in the world with roughly 55 manufacturing and R&D facilities globally. During the Class Period, Mylan’s largest U.S. manufacturing facility was located in Morgantown, West Virginia. The claims against Mylan arise from the Company’s misrepresentations and omissions regarding rampant abuses of federal quality control regulations, including at the Morgantown facility. Under a scheme implemented by Mylan’s President, Rajiv Malik, Mylan chemists manipulated quality control test data in order to create the facade that Mylan’s drugs had achieved passing quality control results. In November 2016, a whistleblower reported Mylan’s conduct to the U.S. Food & Drug Administration (“FDA”).
The truth began to be revealed on June 27, 2018, when Mylan revealed that the FDA had investigated the Morgantown plant in the Spring of 2018—the second FDA investigation of that plant in less than two years. According to the FDA, the Morgantown plant exhibited “significant deficiencies in [its] cleaning process[es],” “numerous instances of a lack of oversight,” and “multiple instances” of Mylan chemists re-cleaning and re-swabbing quality control testing machines “multiple times until passing results were obtained.” As a result of these violations, Mylan was ultimately forced to reveal that it would be dramatically “restructuring” its Morgantown facility, including by terminating hundreds of employees, and reported a surprise quarterly loss on May 7, 2019, which the Company attributed, in part, to the Morgantown “restructuring.” The disclosures concerning Mylan’s misconduct and its impact on the Company’s business and financial condition caused the value of Mylan stock to decline dramatically, resulting in significant damages to investors.
The complaint is based on an extensive investigation and a careful evaluation of the merits of this case. A copy of the complaint is available on BLB&G’s website by clicking here. BLB&G filed this action on behalf of the Public Employees’ Retirement System of Mississippi, and the case is captioned Public Employees’ Retirement System of Mississippi v. Mylan N.V., No. 2:20-cv-955 (W.D. Pa.). Pursuant to this notice, under the Private Securities Litigation Reform Act of 1995, investors who purchased Mylan common stock during the Class Period may file a motion no later than 60 days from the publication of this notice, or no later than August 25, 2020, to seek to be appointed as Lead Plaintiff for the Class.