NEW YORK, Oct. 13, 2016 /PRNewswire/ -- Bernstein
Liebhard LLP today announced that a securities class action has
been filed in the United States District Court for the Southern
District of New York on behalf of
a class (the "Class") consisting of all persons or entities who
purchased or otherwise acquired ordinary shares of Mylan N.V.
and/or common shares of Mylan, Inc., Mylan N.V.'s predecessor
("Mylan" or the "Company") (NASDAQ: MYL) between February 28, 2013 and October 7, 2016, inclusive (the "Class
Period"). The complaint alleges that Defendants violated
Sections 10(b) and 20(a) of the Securities Exchange Act of
1934.
Mylan, together with its subsidiaries, develops, licenses,
manufactures, markets and distributes generic, branded generic and
specialty pharmaceuticals worldwide.
According to the Complaint, throughout the Class Period
defendants made false and/or misleading statements and/or failed to
disclose that Mylan N.V. and Mylan Inc. incorrectly classified
EpiPen as a generic drug under the Medicaid Drug Rebate Program,
which reduced the amount of quarterly rebates Mylan N.V. and Mylan
Inc. owed for EpiPen. The Complaint alleges as a result of
the incorrect classification Mylan N.V. and Mylan Inc.'s public
statements were materially false and misleading at all relevant
times.
On September 2,
2016, Inside Health Policy published an
article revealing that the Centers for Medicare & Medicaid
Services ("CMS") "informed Mylan that it incorrectly classified
EpiPen as a generic under the Medicaid rebate program, which caused
financial consequences for federal and state governments by
reducing the amount of quarterly rebates Mylan owed for its
product."
Following this announcement, Mylan's share price fell
$1.95 or a 4.65% drop to a closing
price of $39.97 on September 2, 2016.
On October 5, 2016, an
article published by Bloomberg cited a letter from CMS to
Senator Ron Wyden of Oregon stating that, due to the
misclassification, between 2011 through 2015, Mylan N.V. and Mylan
Inc. paid a smaller rebate of 13%, or about $163 million, when it should have been paying a
rebate of 23.1% or more.
On October 6, 2016, The
Fiscal Times published an article titled "Lawmakers Say
EpiPen Maker Bilked Medicare for More than $100 Million", stating that "[t]he incorrect
classification appears to have cost the federal government more
than $100 million in the last five
years alone."
After these announcements, Mylan's share price fell $2.09 or a 5.50% drop over two days to a close at
$35.94 on October 7, 2016.
Plaintiffs seek to recover damages on behalf of all Class
members who invested in Mylan common stock during the Class
Period. If you invested in Mylan common stock as described
above, and lost money on the transactions, you may wish to join in
this action to serve as lead plaintiff. In order to do so,
you must meet certain requirements set forth in the applicable law
and file appropriate papers no later than December 12, 2016.
A "lead plaintiff" is a representative party that acts on behalf
of other class members in directing the litigation. In order
to be appointed lead plaintiff, the court must determine that the
class member's claim is typical of the claims of other class
members, and that the class member will adequately represent the
class. Under certain circumstances, one or more class members
may together serve as lead plaintiff. Your ability to share
in any recovery is not, however, affected by the decision whether
or not to serve as a lead plaintiff. You may retain Bernstein
Liebhard LLP, or other counsel of your choice, to serve as your
counsel in this action.
If you are interested in discussing your rights as a Mylan
investor and/or have information relating to the matter, please
contact Joseph R. Seidman, Jr. at
(877) 779-1414 or seidman@bernlieb.com.
Bernstein Liebhard LLP has pursued hundreds of securities,
consumer and shareholder rights cases and recovered over
$3.5 billion for its clients.
The Firm has been named to the National Law Journal's "Plaintiffs'
Hot List" thirteen times.
You can obtain a copy of the complaint from the clerk of the
court for the United States District Court for the Southern
District of New York.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(877) 779-1414
www.bernlieb.com
ATTORNEY ADVERTISING. © 2016 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
http://www.bernlieb.com
(212) 779-1414
seidman@bernlieb.com
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