The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that the Company had engaged in activity that would prompt a Department of Justice ("DOJ") antitrust investigation that could lead to potential criminal charges against the Company.
Specifically, on August 4, 2015, the Company filed a Form 10-Q with the Securities and Exchange Commission disclosing that the Company had received subpoena from the DOJ's Antitrust Division seeking information relating to the marketing and pricing of certain of the Company's generic products. On August 6, 2015, Bloomberg published article specifying that the Allergan plc's Actavis unit had received the subpoena. Allergan stock price was negatively affected after this news, damaging shareholders.
Then, on November 3, 2016, Bloomberg published the article titled "U.S. Charges in Generic-Drug Probe to Be Filed by Year End" which discussed the DOJ's two year investigation of suspected price collusion by several pharmaceutical companies. The article included Allergan and Actavis among the companies being investigated and also states that the investigation will likely result in prosecutors filing criminal charges by the end of the year. When this news was announced to the public, shares of Allergan fell $9.07 per share, or over 4% from the previous closing price to close at $188.82 per share, causing investors harm.
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If you invested in Allergan stock or options between February 25, 2014 and November 3, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/AGN. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Allergan's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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