NEW YORK, May 25, 2016 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Perrigo Company plc ("Perrigo" or the "Company") (NYSE: PRGO). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Perrigo and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On April 8, 2015, Mylan N.V. ("Mylan") approached the Perrigo Board of Directors with an offer to purchase the Company for $205 per share, representing a nearly 30% premium to Perrigo's total market capitalization. On news of Mylan's offer, the price of Perrigo stock climbed as high as $215 per share in intraday trading on April 8, 2015.
However, beginning on April 21, 2015, and continuing throughout the Class Period, Perrigo publicly rejected Mylan's offer and told investors that the offer substantially undervalued Perrigo and its growth prospects, and that the offer did not take into account the full benefits of the Company's acquisition of Omega Pharma N.V. ("Omega"). Even though Mylan subsequently raised its offer to approximately $235 per share, over the next six months, Perrigo continued to engage in a public campaign to convince shareholders to reject Mylan's proposal.
On November 13, 2015, the majority of the Company's shareholders declined to tender their shares, making the tender offer a failure. Subsequently, several disclosures by the Company between February 17 and May 12, 2016—including weaker-than-expected fourth-quarter 2015 financial and operating results, the departure of Perrigo's longtime Chief Executive Officer Joseph C. Papa, and a $467 million impairment charge relating to the Omega acquisition—saw the Company's stock price fall from $145.17 to $98.04 in a series of sharp drops.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP