NEW YORK, Oct. 14, 2016 /PRNewswire/ -- Bronstein,
Gewirtz & Grossman, LLC notifies investors that a class action
lawsuit has been filed against Mylan N.V. ("Mylan" or the
"Company") (NASDAQ: MYL) and certain of its officers, on behalf of
shareholders who purchased Mylan securities between
February 21, 2012 and October 5, 2016 inclusive (the "Class
Period").
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 "Exchange Act").
Mylan N.V. is an American global generic and specialty
pharmaceuticals company registered in the
Netherlands, principal executive offices in Hatfield and global headquarters Canonsburg, Pennsylvania. Together with its
subsidiaries, develops, licenses, manufactures, markets, and
distributes generic, branded generic, and specialty pharmaceuticals
products in tablet, capsule, injectable, transdermal patch, gel,
cream, or ointment forms. Among other products, Mylan manufactures
and sells the EpiPen Auto-Injector (the "EpiPen"), a branded
injection of a measured dose of epinephrine to treat severe
allergic reactions.
Medicaid is a U.S. government insurance social healthcare
program for persons whose income are limited. From 2011 through
2015, Medicaid spent about $797
million on purchases of EpiPens from Mylan.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and/or misleading statements, as
well as failed to disclose material adverse facts about the
Company's business, operations, and prospects. Specifically,
Defendants made false and/or misleading statements and/or failed to
disclose that: (1) Mylan paid Medicaid significantly lower
EpiPen rebates than legally required; (2) Medicaid had previously
advised Mylan of the Company's obligation to pay higher rebates;
(3) Mylan therefore knowingly and systemically overcharged Medicaid
for EpiPens in violation of federal law; (4) millions of dollars of
Mylan's revenue from EpiPen sales were the result of the foregoing
illegal conduct by the Company; and (5) consequently, Mylan's
public statements were materially false and misleading at all
relevant times.
On September 2, 2016, Inside
Health Policy reported that the Centers for Medicare &
Medicaid Services ("CMS"), a federal agency whose responsibilities
include working in partnership with state governments to administer
Medicaid, had "informed Mylan that [the Company] incorrectly
classified EpiPen as a generic under the Medicaid rebate program,
which caused financial consequences for federal and state
governments by reducing the amount of quarterly rebates Mylan owed
for its product." Following this news, Mylan's stock dropped
$1.95 per share, or 4.65%, to close
at $39.97 on September 2, 2016.
On October 5, 2016, CMS published
a report stating that for years Mylan had overcharged the U.S.
Medicaid health program for its EpiPen shot, despite being to
provide greater discounts under the law. The CMS letter stated
that from 2011 to 2015, the U.S. Medicaid health program spent
close to $797 million on EpiPens,
including rebates of about 13%, instead of the 23.1% discount that
the U.S. should have received. The letter also said that the
government has "expressly told Mylan that the [EpiPen] product is
incorrectly classified." Following this news, Mylan stock
dropped $1.19 per share, or 3.13%, to
close at $36.84 on October 6, 2016.
On October 7, 2016, Mylan said
that it had reached a $465 million
settlement with the U.S. Department of Justice and other agencies
in regards to the issues raised about the classification of EpiPen
for Medicaid rebate purposes. On that same day, Mylan also
announced that the Company had "received a document request from
the Division of Enforcement at the [SEC] seeking communications
with the CMS and documents concerning Mylan products sold and
related to the Medicaid Drug Rebate Program, and any related
complaints."
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:
http://www.bgandg.com/myl or you may contact Peretz Bronstein, Esq. or his Investor Relations
Analyst, Yael Hurwitz of Bronstein,
Gewirtz & Grossman, LLC at 212-697-6484 or via email
info@bgandg.com. Those who inquire by e-mail are encouraged to
include their mailing address and telephone number. If you
suffered a loss in Mylan you have until December 12, 2016 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.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
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