NEW YORK, Dec. 5, 2017 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Otsuka Holdings Co., Ltd. ("Otsuka" or the "Company") (OTCMKTS: OTSKY). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Otsuka and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On October 12, 2017, CNN.com published an article entitled "The little red pill being pushed on the elderly." The article described the marketing efforts of Otsuka's subsidiary Avanir Pharmaceuticals ("Avanir") with respect to Nuedexta, a treatment for pseudobulbar affect, and stated that the Company "aggressively targets frail and elderly nursing home residents for whom the drug may be unnecessary or even unsafe." The article further described "high-volume prescribing and advocacy efforts by doctors receiving payments from" Avanir, and reported that "[s]oon after Nuedexta hit the market in 2011, doctors, nurses and family members began filing reports of potential harm—ranging from rashes, dizziness and falls to comas and death." On October 19, 2017, CNN.com reported that Los Angeles City Attorney Mike Feuer had launched an investigation into Avanir, stating that "his office is seeking information and tips from the public to help determine whether state or federal laws have been broken in the sale, marketing or prescribing of Nuedexta." On December 4, 2017, CNN.com published an article entitled "Drugmaker paid doctors with problem records to promote its pill." The article reported that Avanir "paid nearly 500 doctors to speak or consult on its drug, Nuedexta, between 2013 and 2016, according to government data" and that "[t]hrough a review of the top prescribers and top paid physicians in this group, CNN identified a dozen who have been disciplined by state medical boards. These offenses included the harmful treatment of nursing home residents and 'grossly negligent acts' involving the inappropriate prescribing of dangerous and addictive drugs—resulting in probation, suspension, fines and revoked licenses." On this news, Otsuka's American Depositary Receipt price has fallen sharply during intraday trading on December 5, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP