According to the law firm press release, Alkermes plc is a biopharmaceutical company focused on the development of treatments for central nervous system disorders such as addiction, schizophrenia, depression and diabetes. The Company’s marketed products include Vivitrol (naltrexone for extended-release injectable suspension), a treatment for alcohol and opioid dependence.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Alkermes systemically engaged in deceptive marketing campaigns to influence policymakers to use Vivitrol in addiction treatment programs over more scientifically proven and efficacious alternatives; (ii) the foregoing conduct, when disclosed, would foreseeably subject Alkermes to heightened regulatory and legislative scrutiny; (iii) accordingly, the Company’s revenues derived from Vivitrol during the Class Period were unsustainable; and (iv) as a result of the foregoing, Alkermes shares traded at artificially inflated prices during the Class Period, and class members suffered significant losses and damages.
On February 12, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel. On March 12, Lead Plaintiff filed an amended Complaint. Lead Plaintiff filed a second amended Complaint on May 15.