The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose the material adverse facts about the long-term sustainability of Mallinckrodt's monopolistic HP Acthar Gel ("Acthar") revenues and the exposure of Acthar to reimbursement rates by Medicare and Medicaid.
First, on November 16, 2016, Citron Research ("Citron") published a report accusing Chief Executive Officer ("CEO"), Mark Trudeau ("Trudeau"), and the Company of securities fraud in connection with Trudeau's statements downplaying the Company's reliance on Medicare and Medicaid for Acthar revenue. These accusations were supported by Trudeau's comments made during a Company conference call on November 29, 2016.
Then, on January 18, 2017, the Federal Trade Commission announced that Mallinckrodt had agreed to pay $100 million in connection with an investigation against the Company's anticompetitive and unlawful efforts to prevent an alternative ACTH treatment from reaching the U.S. market.
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If you invested in Mallinckrodt stock or options between November 25, 2014 and January 18, 2017 and would like to discuss your legal rights, visit www.faruqilaw.com/MNK. 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 Mallinckrodt'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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