Warner Chilcott Limited is engaged in the development, manufacture, sale, and marketing of branded prescription pharmaceutical products in women's healthcare and dermatology primarily in the United States.

According to a press release dated November 1, 2006, the Complaint charges Warner Chilcott and certain of its officers and directors with violations of the Securities Act of 1933. Specifically, the Complaint alleges the Registration Statement issued in connection with the IPO contained untrue statements of material facts, omitted to state other facts necessary to make the statements made not misleading and was not prepared in accordance with the rules and regulations governing its preparation. Specifically, the Complaint alleges that the Registration Statement failed to disclose that at the time of the IPO, Warner Chilcott had ceased shipments of Ovcon 35, its top selling birth control pill, thereby eliminating a primary revenue stream for the Company.

The Complaint further alleges that on or around September 26, 2006, Warner Chilcott announced developments in a lawsuit brought against it by the Federal Trade Commission and filed a supplement to the Registration Statement in which it disclosed that, among other things, it had ceased shipments of Ovcon 35 in September 2006 when it launched Ovcon Chewable. In response to these disclosures, the price of Warner Chilcott common stock dropped from $15.00 per share to $12.60 per share on extremely heavy trading volume.

The judge certified the class and consolidated related cases on March 21, 2007. The consolidated Complaint was filed on May 4, 2007. Defendants did not move to dismiss and filed their answer to the Complaint on June 18, 2007. The discovery proceedings began.

On February 4, 2008, a Memorandum and Order was entered by the court appointing lead Plaintiff and lead Counsel.

According to a press release dated September 17, 2008, Warner Chilcott settled a securities fraud class-action lawsuit pending in the U.S. District Court for the Southern District of New York. In November 2006, the Company and certain of its officers were named as Defendants in the matter, "Albano v. Warner Chilcott Limited et al.," a class-action suit filed in the U.S. District Court for the Southern District of New York. Subsequently, similar purported class action lawsuits were filed. On April 25, 2008, the Company reached an agreement in principle to settle the class-action lawsuit. The terms of the settlement, which are subject to negotiation of definitive documentation and must be approved by the court, include a cash payment of $16,500,000, which is expected to be made to the Plaintiffs during 2008. The majority of the settlement will be funded by insurance proceeds and it will not have a material adverse impact on the Company's financial position, results of operations or cash flows.

On April 22, 2009, an Order for Disbursement of Funds to Pay Claims Administrator from Court Registry Investment System was submitted with the court.

On September 25, 2009, order for disbursement of funds to pay claims administrator from court registry investment system was entered in the court record.