On or around 01/24/2020 (Date of last review)
Filing Date: January 03, 2019
Plaintiff's law firm issued a press release on January 3, 2019 announcing the filing of the Complaint. According to the press release, the Complaint alleges that on December 21, 2018, Perrigo issued a Form 8-K disclosing that the Company had received an audit finding letter from the Irish tax authorities on October 30, 2018 asserting "that IP sales transactions… including the sale of Tysabri®, were not part of the trade of Elan Pharma and therefore should have been treated as chargeable gains subject to an effective 33% tax rate, rather than the 12.5% tax rate applicable to trading income."
While Perrigo had disclosed the existence of the audit finding letter to investors on November 8, 2018, the Company failed to disclose material details associated with the audit finding letter at that time.
Following the publication of the December 21, 2018 8-K, Perrigo's stock price plunged almost 25%.
On April 12, 2019, Lead Plaintiffs filed an amended Complaint. Lead Plaintiffs filed a second amended Complaint on May 31. Defendants filed a Motion to Dismiss the second amended Complaint on June 28. On January 23, 2020, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.
Company & Securities Information
Defendant: Perrigo Company PLC
Industry: Biotechnology & Drugs
Ticker Symbol: PRGO
Company Market: New York SE
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.
First Identified Complaint
Charles Masih, et al. v. Perrigo Company PLC, et al.