Glancy Prongay & Murray Announces the Filing of a Securities Class Action on Behalf of Mylan N.V. Investors & Encourages Inve...
November 02 2016 - 5:29PM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) announces that a
class action lawsuit has been filed on behalf of investors who
purchased Mylan N.V. (“Mylan”) or the “Company”) (NASDAQ: MYL)
securities between February 21, 2012 and October 5, 2016,
inclusive (the “Class Period”). Mylan investors have
until December 12, 2016 to file a lead plaintiff
motion.
Investors suffering losses on their Mylan investments are
encouraged to contact Lesley Portnoy of GPM to discuss their legal
rights in this class action at 310-201-9150 or by email to
shareholders@glancylaw.com.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and/or misleading statements, as
well as failed to disclose material adverse facts about the
Company’s business, operations, and prospects. Specifically,
Defendants made false and/or misleading statements and/or failed to
disclose that: (i) Mylan paid Medicaid significantly lower EpiPen
rebates than legally required; (ii) Medicaid had previously advised
Mylan of the Company’s obligation to pay higher rebates; (iii)
Mylan therefore knowingly and systemically overcharged Medicaid for
EpiPens in violation of federal law; (iv) millions of dollars of
Mylan’s revenue from EpiPen sales were the result of the foregoing
illegal conduct by the Company; and (v) as a result of the
foregoing, Mylan’s public statements were materially false and
misleading at all relevant times.
On October 5, 2016, a letter from the Centers for Medicare and
Medicaid Services (“CMS”) asserted that Mylan had overcharged the
U.S. Medicaid health program for the Company’s EpiPen shot, despite
being told that Mylan needed to provide larger discounts under the
law. The CMS letter stated that from 2011 to 2015, the U.S.
Medicaid health program spent approximately $797 million on
EpiPens, including rebates of roughly 13%, rather than the discount
of 23.1% that the U.S. should have received. The letter claimed
that the government had “expressly told Mylan that the [EpiPen]
product is incorrectly classified.”
If you purchased shares of Mylan during the Class Period you may
move the Court no later than December 12, 2016 to
ask the Court to appoint you as lead plaintiff if you meet certain
legal requirements. To be a member of the Class you need not take
any action at this time; you may retain counsel of your choice or
take no action and remain an absent member of the Class. If you
wish to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests
with respect to these matters, please contact Lesley Portnoy,
Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles
California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by
email to shareholders@glancylaw.com, or visit our website at
http://glancylaw.com. If you inquire by email please include your
mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20161102006846/en/
Glancy Prongay and Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224https://www.glancylaw.comshareholders@glancylaw.com
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