On or around 04/06/2020 (Date of last review)
Filing Date: October 11, 2016
According to the law firm press release, the lawsuit alleges throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Mylan N.V. and Mylan Inc. incorrectly classified EpiPen as a generic under the Medicaid Drug Rebate Program, which was financially consequential for federal and state governments as it reduced the amount of quarterly rebates Mylan N.V. and Mylan Inc. owed for EpiPen; (2) between 2011 through 2015, Mylan N.V. and Mylan Inc. paid a lower rebate of 13% when it should have been paying a higher rebate of 23.1% or more; (3) the incorrect classification appears to have cost the federal government more than $100 million in the last five years alone; (4) in turn, Mylan N.V. and Mylan Inc. lacked effective internal controls over financial reporting; and (5) as a result, Mylan N.V. and Mylan Inc.’s public statements were materially false and misleading at all relevant times. The lawsuit claims that investors suffered damages when these details entered the market.
On January 9, 2017, the Court appointed Lead Plaintiffs and Counsel. Lead Plaintiff filed an amended Complaint on March 20, 2017. Defendants filed a Motion to Dismiss the amended Complaint on May 30. On March 28, 2018, the Court issued an Order granting in part and denying in part the Motion to Dismiss. Defendants were given two weeks to file an answer to the surviving claims. Lead Plaintiffs filed a second amended Complaint on July 6. Defendants filed a Motion to Dismiss the second amended Complaint on August 6. On March 29, 2019, the Court issued an Order granting in part and denying in part the Motion to Dismiss. Defendants were given three weeks to file an answer to the surviving claims. Lead Plaintiffs filed a third amended Complaint on June 17. Defendants filed a Motion to Dismiss the third amended Complaint on July 31. Plaintiffs filed a Motion for class certification on August 30. On April 6, 2020, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss and granting Plaintiffs' Motion for class certification.
Company & Securities Information
Defendant: Mylan N.V.
Industry: Major Drugs
Headquarters: United Kingdom
Ticker Symbol: MYL
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.