If You Purchased Shire plc American Depository Receipts ("ADRs") During The Period Of June 20, 2014 And October 14, 2014 And Lost Money, Gardy & Notis, LLP Encourages You To Contact The Law Firm

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Oct 29, 2014, 08:38 ET

NEW YORK, Oct. 29, 2014 /PRNewswire/ -- Gardy & Notis, LLP, a national law firm advocating for shareholder rights, is investigating AbbVie Inc. (NYSE: ABBV) and its officers and directors in connection with statements distributed by, or on behalf of, AbbVie to purchasers of Shire plc ADRs (NASDAQ: SHPG) and the general investing public regarding AbbVie's rationale for pursuing a business combination with Shire.

On June 20, 2014, AbbVie confirmed media reports that it approached Shire with an initial combination proposal and had until July 18, 2014 to announce a firm offer or a decision to abandon talks with Shire. On July 18, 2014, AbbVie disclosed that the boards of AbbVie and Shire signed a cooperation agreement and agreed to the combination. The terms of the combination would require AbbVie to reincorporate in Ireland. News of the proposed combination sent ADRs for Shire to rise to a high of $264.98 per share during the proposed Class Period.

In connection with the announcement of the combination, AbbVie disclosed presentations to both holders of Shire ADRs and AbbVie common stock that the combination was based on various strategic rationales. Further, at an open investor call on July 21, 2014, AbbVie's CEO told investors and analysts that an expected tax benefit as a result of reincorporation in Ireland (a practice known as a tax inversion) was "not the primary rationale" for the combination and that "we would not be doing it if it was just for the tax impact." In contrast to these public statements, tax was a critical, if not the sole, factor for AbbVie and, when the U.S. Department of Treasury announced a change in treatment of tax inversions, AbbVie announced that it reconsidered the combination. As a result, Shire ADRs dropped from a closing price of $244.57 on October 14, 2014 to a low of $156.25 on October 15, 2014. On October 21, 2014, AbbVie and Shire announced that the companies agreed to terminate the cooperation agreement.

If you invested in Shire plc ADRs following announcement of combination discussions on June 20, 2014 until October 14, 2014 and would like to discuss your legal rights, call Mark Gardy or Kira German at 212-905-0509 or e-mail [email protected] or [email protected]. Gardy & Notis, LLP also encourages anyone with information regarding AbbVie's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

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