Allergan, a specialty pharmaceutical company, develops, manufactures, markets, and distributes medical aesthetics, biosimilar, and over-the-counter pharmaceutical products worldwide. The Company was formerly known as Actavis plc and changed its name to Allergan plc in June 2015 after acquiring Allergan Inc. The Company's common stock has traded 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".
On July 26, 2015, Allergan entered into a master purchase agreement, under which Teva Pharmaceutical Industries Ltd. agreed to acquire Actavis, the Company's global generic pharmaceuticals business unit. On August 2, 2016, the companies announced the completion of the acquisition.
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) 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 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 4.58%, to close at $188.82 on November 3, 2016.
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Robert S. Willoughby
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SOURCE Pomerantz LLP