Teva Pharmaceutical Industries Limited
Lead Plaintiff Deadline: 11/23/2020
SUMMARY OF CASE:
A securities class action has been filed against Teva Pharmaceutical Industries Limited (TEVA) on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired Teva securities between October 29, 2015 through August 18, 2020. This case has been filed in the USDC – E.D.PA.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the reasons for Copaxone’s commercial success and the sustainability of Teva’s Copaxone revenues. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Teva had made substantial illegal kickback payments to charitable foundations to cover Medicare co-payment obligations of patients taking Copaxone; (ii) accordingly, Teva’s revenues derived from Copaxone were in part the product of unlawful conduct and thus unsustainable; (iii) the foregoing misconduct subjected Teva to a foreseeable risk of heightened regulatory scrutiny and enforcement, as well as reputational harm, when the truth became known; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.