NEW YORK, Oct. 13, 2016 /PRNewswire/ -- Bernstein Liebhard LLP today announced that a securities class action has been filed in the United States District Court for the Southern District of New York on behalf of a class (the "Class") consisting of all persons or entities who purchased or otherwise acquired ordinary shares of Mylan N.V. and/or common shares of Mylan, Inc., Mylan N.V.'s predecessor ("Mylan" or the "Company") (NASDAQ: MYL) between February 28, 2013 and October 7, 2016, inclusive (the "Class Period"). The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Mylan, together with its subsidiaries, develops, licenses, manufactures, markets and distributes generic, branded generic and specialty pharmaceuticals worldwide.
According to the Complaint, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that Mylan N.V. and Mylan Inc. incorrectly classified EpiPen as a generic drug under the Medicaid Drug Rebate Program, which reduced the amount of quarterly rebates Mylan N.V. and Mylan Inc. owed for EpiPen. The Complaint alleges as a result of the incorrect classification Mylan N.V. and Mylan Inc.'s public statements were materially false and misleading at all relevant times.
On September 2, 2016, Inside Health Policy published an article revealing that the Centers for Medicare & Medicaid Services ("CMS") "informed Mylan that it incorrectly classified EpiPen as a generic under the Medicaid rebate program, which caused financial consequences for federal and state governments by reducing the amount of quarterly rebates Mylan owed for its product."
Following this announcement, Mylan's share price fell $1.95 or a 4.65% drop to a closing price of $39.97 on September 2, 2016.
On October 5, 2016, an article published by Bloomberg cited a letter from CMS to Senator Ron Wyden of Oregon stating that, due to the misclassification, between 2011 through 2015, Mylan N.V. and Mylan Inc. paid a smaller rebate of 13%, or about $163 million, when it should have been paying a rebate of 23.1% or more.
On October 6, 2016, The Fiscal Times published an article titled "Lawmakers Say EpiPen Maker Bilked Medicare for More than $100 Million", stating that "[t]he incorrect classification appears to have cost the federal government more than $100 million in the last five years alone."
After these announcements, Mylan's share price fell $2.09 or a 5.50% drop over two days to a close at $35.94 on October 7, 2016.
Plaintiffs seek to recover damages on behalf of all Class members who invested in Mylan common stock during the Class Period. If you invested in Mylan common stock as described above, and lost money on the transactions, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than December 12, 2016.
A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as a Mylan investor and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or firstname.lastname@example.org.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3.5 billion for its clients. The Firm has been named to the National Law Journal's "Plaintiffs' Hot List" thirteen times.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Southern District of New York.
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SOURCE Bernstein Liebhard LLP