ROSELAND, N.J., Dec. 24, 2016 /PRNewswire-USNewswire/ -- Carella, Byrne, Cecchi, Olstein, Brody & Agnello, P.C. announces that a shareholder class action lawsuit has been filed against Allergan plc ("Allergan" or the "Company") (NYSE: AGN). The class action, filed in the United States District Court for the District of New Jersey in Newark, New Jersey and captioned Forden v. Allergan plc, et al. A second release will follow once a case number has been assigned. The action seeks relief for a class consisting of all persons or entities who purchased or otherwise acquired Allergan securities between February 25, 2014 and November 2, 2016, both dates inclusive (the "Class Period"), and damages under the federal securities laws.
Allergan is a specialty pharmaceutical company that develops, manufactures, markets, and distributes medical aesthetics, biosimilar, and over-the-counter pharmaceutical products worldwide. Allergan has operations in more than 100 countries. Founded in 1983, the Company was formerly known as Actavis plc. In November 2014, Actavis plc announced its intention to acquire Allergan Inc. In March 2015, Actavis plc completed its acquisition of Allergan Inc. and changed its name to Allergan plc in June 2015. Allergan is headquartered in Dublin, Ireland, and its administrative headquarters are located in Parsippany, New Jersey. The Company's common stock has traded on the New York Stock Exchange ("NYSE") under the ticker symbol "AGN" since June 15, 2015. Prior to June 15, 2015, the common stock of Actavis plc traded on the NYSE under the ticker symbol "ACT."
The Complaint alleges that throughout the Class Period the Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies, and financial results. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Allergan's Actavis unit and several of its pharmaceutical industry peers colluded to fix generic drug prices; (ii) the foregoing conduct constituted a violation of federal antitrust laws; (iii) consequently, Allergan's revenues during the Class Period were in part the result of illegal conduct; and (iv) as a result of the foregoing, Allergan's public statements were materially false and misleading at all relevant times.
On August 6, 2015, Allergan disclosed in a filing with the SEC that it had received a subpoena from the U.S. Department of Justice. Media outlets reported on this disclosure, stating that "Allergan Plc's Actavis unit got a subpoena from the U.S. Justice Department seeking information on the marketing and prices of its generic drugs, becoming the biggest company yet to draw scrutiny in the government's widening antitrust probe of the industry," and noting that Allergan joined other companies who "have made similar disclosures in the past several months." On this news, Allergan's share price fell $17.17 per share, or approximately 5%, from its previous closing price to close at $319.47 per share on August 6, 2015.
Then on November 3, 2016, media outlets reported that U.S. prosecutors might file criminal charges by the end of 2016 against Actavis and several other pharmaceutical companies for unlawfully colluding to fix generic drug prices. On this news, Allergan's share price fell $9.07, or approximately 4.58%, to close at $188.82 on November 3, 2016.
If you are a shareholder who purchased Allergan securities during the Class Period you have until January 3, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. To discuss this action please contact James E. Cecchi or Donald A. Ecklund at (973) 994–1700 or firstname.lastname@example.org.
Carella, Byrne, Cecchi, Olstein, Brody & Agnello, P.C. has long been recognized as one of the leading New Jersey law firms and has significant experience in complex litigation, federal class action litigation, intellectual property, corporate, health care, public financing, environmental, labor, tax and administrative law. For additional information see http://www.carellabyrne.com/.
Carella, Byrne, Cecchi, Olstein, Brody & Agnello, P.C.
James E. Cecchi
Donald A. Ecklund
5 Becker Farm Road
Roseland, New Jersey 07068-1739
(973) 994 – 1700
(973) 994 – 1744 (fax)
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SOURCE Carella, Byrne, Cecchi, Olstein, Brody & Agnello, P.C.