Patterson Companies, Inc. ("Patterson") is one of the nation's only full-service distributors of dental products. The Company distributes its products mainly through two subsidiaries—Patterson Dental and Patterson Animal Health.
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 allegedly made false and/or misleading statements and/or failed to disclose that: (1) Defendants were engaged in a fraudulent and illegal price-fixing conspiracy; (2) the Company's revenue and earnings were fraudulently inflated by the illegal scheme; (3) the scheme was aimed at prohibiting sales to and price negotiations by group purchasing organizations ("GPOs") that represented small and independent dental practices; (4) as a result of the foregoing, Defendants' statements about Patterson's business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.
On August 30, 2018, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on November 9. Defendants filed a Motion to Dismiss the amended Complaint on January 18, 2019. On September 10, the Court issued an Order granting in part and denying in part the Motion to Dismiss.
Lead Plaintiffs filed a Motion for Class Certification on February 21, 2020. On September 28, the Court issued an Order granting Lead Plaintiffs' Motion for Class Certification.