Case Page

 

Case Status:    ONGOING    
On or around 10/07/2016 (Ongoing date of last review)

Filing Date: March 08, 2016

According to the law firm press release, Horizon is a specialty biopharmaceutical company that engages in identifying, developing, acquiring or in-licensing, and commercializing medicines for the treatment of arthritis, pain, inflammatory, and/or orphan diseases in the United States and internationally.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Horizon’s Prescriptions Made Easy (“PME”) program was designed to artificially inflate the prices of minor differentiation standard retail drugs; (ii) sales revenues from drugs sold through Horizon’s PME program were unsustainable at these inflated price levels; (iii) Horizon’s use of its PME program left the Company subject to increased regulatory risks; (iv) Horizon received a subpoena from the Office of the U.S. Attorney for the Southern District of New York in November 2015; and (v) as a result of the foregoing, Defendants’ statements about Horizon’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.

On February 29, 2016, Horizon disclosed in its 2015 annual report that the Company received a subpoena in November 2015 from the Office of the U.S. Attorney for the Southern District of New York for documents and information related to the Company’s patient assistance programs, which include providing free medicines and copay coupons to help cover out-of-pocket drug costs, and other aspects of Horizon’s sales and marketing activities.

On this news, Horizon’s stock fell $2.63, or 13.3%, to close at $17.16 on February 29, 2016.

On June 7, 2016, the Court issued an Order appointing lead plaintiff and approving lead counsel. Lead Plaintiffs filed a consolidated complaint on July 25. This was followed by an amended complaint on October 7.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Major Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: HZNP
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: S.D. New York
DOCKET #: 16-CV-01763
JUDGE: Hon. Jesse M. Furman
DATE FILED: 03/08/2016
CLASS PERIOD START: 03/13/2014
CLASS PERIOD END: 02/26/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 16-CV-01763
JUDGE: Hon. Jesse M. Furman
DATE FILED: 10/07/2016
CLASS PERIOD START: 01/12/2015
CLASS PERIOD END: 04/12/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (San Diego)
    12481 High Bluff Drive, Suite 300, Bernstein Litowitz Berger & Grossmann LLP (San Diego), CA 92130
    858.793.0070 858.793.0323 · blbg@blbglaw.com
  2. Labaton Sucharow LLP
    140 Broadway, Labaton Sucharow LLP, NY 10005
    212.907.0700 212.818.0477 · info@labaton.com
No Document Title Filing Date