Case Page

 

Case Status:    ONGOING    
On or around 03/29/2016 (Court's order of dismissal)

Filing Date: November 25, 2014

According to the law firm press release, the complaint alleges that during the Class Period AbbVie, an Illinois-based biopharmaceutical company, and defendant made fraudulent material misrepresentations and omissions regarding a proposed business combination of Shire and AbbVie (the "Combination"), pursuant to a cooperation agreement, whereby AbbVie would merge with and into Shire, and reincorporate in Ireland. Among other things, the complaint alleges that defendants materially misrepresented or failed to disclose the following adverse facts: (i) that the Combination was based on various strategic rationales; and (ii) that the expected tax benefit as a result of reincorporation in Ireland (a practice known as a tax inversion) was "not the primary rationale" for the Combination.

On October 14, 2014, when the U.S. Department of Treasury announced a change in the treatment of tax inversions, AbbVie announced it was reconsidering the Combination. Following this disclosure, the price of Shire's Securities dropped $74.80 per share, more than 30%, from a closing price of $244.57 on October 14, 2014 to a closing price of $170.49 per share on October 15, 2014. On October 21, 2014, AbbVie announced that it had agreed to terminate the proposed Combination and would be required to pay Shire the hefty $1.64 billion termination fee pursuant to the cooperation agreement.

On February 4, 2015, the Court issued an Order appointing lead plaintiff and approving lead counsel.

On March 29, 2016, the Court issued an Order granting Defendants' motion to dismiss. Plaintiffs were given leave to amend their complaint.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: Ireland

SECURITIES INFORMATION:

Ticker Symbol: SHPG
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. Illinois
DOCKET #: 14-CV-09465
JUDGE: Hon. Robert M. Dow, Jr
DATE FILED: 11/25/2014
CLASS PERIOD START: 06/20/2014
CLASS PERIOD END: 10/14/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Gardy & Notis, LLP
    501 Fifth Avenue, Suite 1408, Gardy & Notis, LLP, NY 10017
    212-905-0509 212-905-0508 ·
  2. Wolf Haldenstein Adler Freeman & Herz LLP (Chicago)
    55 West Monroe Street, Suite 1111, Wolf Haldenstein Adler Freeman & Herz LLP (Chicago), IL 60603
    312.984.0000 312.984.0000 ·
No Document Title Filing Date