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. Lead Plaintiffs filed a Motion for Class Certification on July 10. On September 25, the Court issued an Order granting Lead Plaintiffs' Motion for Class Certification.
On March 31, 2021, Defendants filed a Motion for Summary Judgment. The Court issued an Order denying Defendant's Motion for Summary Judgment on July 13.
On September 8, 2021, the parties notified the Court that a Settlement had been reached. On October 4, the parties entered into a Stipulation and Agreement of Settlement.