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Case Status:    SETTLED
On or around 02/16/2022 (Date of order of final judgment)

Filing Date: January 03, 2019

Perrigo Company PLC is an American Irish–registered manufacturer of private label over-the-counter pharmaceuticals.

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%.

The Court issued an Order appointing Lead Plaintiffs and Counsel on March 26, 2019. On April 12, Lead Plaintiffs filed an amended Complaint. Defendants filed a Motion to Dismiss the amended Complaint on May 3. On May 10, the Court endorsed Lead Plaintiffs' intention to file an amended Complaint in response to the Motion to Dismiss.

Lead Plaintiffs filed a second amended Complaint on May 31, 2019. 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, 2020. 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. The parties filed an amended Stipulation and Agreement of Settlement on October 22. On October 29, the Court granted preliminary approval of the Settlement. The Court Court granted final approval of the Settlement and entered Final Judgment on February 16, 2022. On February 18, the Court issued an Order awarding attorneys' fees and expenses.

On August 11, 2022, the Court issued an Order approving distribution of the net Settlement fund.

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