NEW YORK, Aug. 25, 2017 /PRNewswire/ -- Attorney Advertising-- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Teva Pharmaceutical Industries Ltd. ("Teva" or the "Company") (NYSE: TEVA) and certain of its officers, on behalf of a class who purchased Teva securities between November 15, 2016 and August 2, 2017, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/teva.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout 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%.
On August 3, 2017, Teva revealed 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. Following this news, Teva shares dropped, damaging investors.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/teva or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Teva you have until October 23, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.