Kaufman, Coren & Ress, P.C. Files Class Action Lawsuit Against Teva Pharmaceutical Industries Ltd. (TEVA)
23 Aug, 2017, 10:45 ET
PHILADELPHIA, Aug. 23, 2017 /PRNewswire/ -- Kaufman, Coren & Ress, P.C. announces that it filed a class action lawsuit in the U.S. District Court, Eastern District of Pennsylvania, 17-CV- 003743, on behalf of purchasers of Teva Pharmaceutical Industries Ltd. ("Teva") American Depository Shares ("ADSs") on the New York Stock Exchange ("NYSE") and/or common stock on the Tel Aviv Stock Exchange ("TASE") between November 15, 2016 and August 2, 2017, inclusive ("Class Period"), alleging violations of the federal securities laws.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Deborah Gross, Esq. at [email protected] or 215-735-8700. 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.
The Complaint charges Teva and certain of its officers and/or directors with violations of the Securities Exchange Act of 1934. Teva develops, manufactures, markets, and distributes generic medicines. The Complaint alleges that during the Class Period, defendants issued materially false and misleading statements and/or failed to disclose adverse information regarding Teva's business and outlook. Specifically, the Complaint alleges that the poor performance of its U.S. generics business resulted in Teva's recording a goodwill impairment charge related to the acquisition of Actavis Generics and was a key factor in cutting Teva's dividend by 75%.
Defendants' disclosed on August 3, 2017, the goodwill impairment charge of $6.1 billion in the second quarter of 2017, and lower than expected Q2 results attributed to the accelerated price erosion and decreased volume experienced in the U.S. generics business due to customer consolidation, greater competition, and delayed product launches. In reaction to these announcements, Teva shares dropped from closing prices of 111.30 (ILS) per common share and $31.25 per ADS on August 2, 2017, to a new 52-week low closing price of 71.28 (ILS) per common share on August 6, 2017, and $20.60 per ADS on August 4, 2017, on heavy two-day trading volume.
Plaintiff seeks to recover damages on behalf of all purchasers of Teva, ADS, and common stock during the Class Period. The plaintiff is represented by Kaufman, Coren & Ress, P.C., which is experienced in prosecuting investor class actions including actions involving financial fraud.
Deborah Gross, Esq.
Kaufman, Coren & Ress, P.C.
Two Commerce Sq., Suite 3900
Philadelphia, PA 19103
1 215 735 8700
SOURCE Kaufman, Coren & Ress, P.C.
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