NEW YORK, April 14, 2016 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Horizon Pharma plc ("Horizon" or the "Company") (NASDAQ:HZNP) of the May 9, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Horizon securities between March 13, 2014 and February 26, 2016 (the "Class Period"). The case, Schaffer v. Horizon Pharma PLC et al, No. 1:16-cv-01763 was filed on March 8, 2016, and has been assigned to Judge Jesse Matthew Furman.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failed to disclose that: (1) Horizon's Prescriptions-Made-Easy ("PME") program was designed to artificially inflate the prices of minor differentiation standard retail drugs; (2) sales revenues from drugs sold through Horizon's PME were unsustainable at these price levels; (3) Horizon's use of its PME program left the Company subject to increased regulatory risks; (4) Horizon received a subpoena from the Office of the U.S. Attorney for the Southern District of New York in November 2015; and (5) as a result, the Company's statements about its business, operations, and prospects were false and misleading.
Specifically, on October 19, 2015, post-market, Horizon and Valeant Pharmaceuticals International were the subjects of a New York Times article entitled "Drug Makers Sidestep Barriers on Pricing." On this news, share price fell $3.81 to close at $15.26 per share, a ~19.98% drop, on October 20, 2015.
Then on October 21, 2015, post-market, the Company issued a press release entitled "Horizon Pharma plc Provides Update on Relationship With Specialty Pharmacies." On this news, share price fell $1.71 to close at $13.12 per share, a ~11.53% drop, on October 22, 2015.
In addition, on November 10, 2015, Express Scripts Holding Co. ("Express"), the largest U.S. manager of prescription drug benefits, announced that it had removed the Linden Care LLC specialty pharmacy from its network, stating that Linden was a "captive" pharmacy of Horizon and did not fulfill its contractual obligations. Express announced that it had filed a complaint against Horizon, seeking recovery of approximately $140 million. On this news, share price fell $4.39 to close at $17.99 per share, a ~19.62% drop, on November 11, 2015.
Lastly, on February 29, 2016, the Company disclosed in its 2015 annual report that that it received a subpoena in November 2015 from the U.S. attorney's office for the Southern District of New York for documents and information related to the company's patient assistance programs. On this news, share price fell $2.63 to close at $17.16 per share, a ~13.3% drop, on February 29, 2016.
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If you invested in Horizon stock or options between March 13, 2014 and February 26, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/HZNP. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Horizon's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. 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. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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