Teva Pharmaceutical Industries Ltd. ("Teva") is an Israeli multinational pharmaceutical company that specializes primarily in generic drugs.
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) Teva was engaging and/or had engaged in conduct that would result in an antitrust investigation by the U.S. Department of Justice (“DOJ”) and the State of Connecticut Office of the Attorney General; (2) the DOJ investigation and the underlying conduct could cause U.S. prosecutors to file criminal charges against Teva by the end of 2016 for suspected price collusion; (3) in turn, Teva lacked effective internal controls over financial reporting; and (4) as a result, Teva’s public statements were materially false and misleading at all relevant times.
On April 3, 2017, the Court issued an Order consolidating cases and transferring the consolidated action to the District of Connecticut.
On July 11, 2017, the Court appointed Lead Plaintiff and Counsel. Lead Plaintiff filed a Complaint on August 2.
An amended Complaint was filed on September 5, 2017. This was followed by the filing of the consolidated Complaint on September 11. Defendants filed Motions to Dismiss the consolidated Complaint on December 1. On April 3, 2018, the Court issued an Order granting Defendants' Motions to Dismiss the consolidated Complaint. Lead Plaintiff was given leave to file an amended consolidated Complaint. Lead Plaintiff filed an amended consolidated Complaint on June 22. Defendants filed Motions to Dismiss the amended consolidated Complaint on September 14. On September 25, 2019, the Court issued an Order denying in substantial part and granting in part the Motions to Dismiss. Lead Plaintiff filed a second amended and consolidated Complaint on December 13. On March 10, 2020, the Court issued an Order consolidating cases. Lead Plaintiff filed a Motion for Class Certification on June 19. On March 9, 2021, the Court issued an Order granting the Class Certification Motion.
On January 18, 2022, the parties entered into a Stipulation of Settlement. The Court granted preliminary approval of the Settlement on January 27. On June 2, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.