NEW YORK, Oct. 21, 2016 /PRNewswire/ -- Pomerantz LLP
announces that a class action lawsuit has been filed against Mylan
N.V. ("Mylan" or the "Company") (NASDAQ: MYL) and certain of
its officers. The class action, filed in United States
District Court, Southern District of New
York, and docketed under 16-cv-08000, is on behalf of a
class consisting of all persons or entities who purchased or
otherwise acquired 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").
If you are a shareholder who purchased Mylan N.V. securities
and/or the securities of Mylan's SEC registrant predecessor, Mylan
Inc., during the Class Period, you have until December 12, 2016 to ask the Court to appoint you
as Lead Plaintiff for the class. A copy of the Complaint can
be obtained at www.pomerantzlaw.com. To discuss this action,
contact Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, ext. 9980. Those who inquire by e-mail are encouraged to
include their mailing address, telephone number, and number of
shares purchased.
[Click here to join this class action]
Mylan, together with its subsidiaries, develops, licenses,
manufactures, markets, and distributes generic, branded generic,
and specialty pharmaceuticals worldwide. The Company provides
generic or branded generic pharmaceutical products in tablet,
capsule, injectable, transdermal patch, gel, cream, or ointment
forms, as well as active pharmaceutical ingredients. Among
other products, Mylan manufactures and sells the EpiPen
Auto-Injector (the "EpiPen"), a branded device for injecting a
measured dose of epinephrine by means of auto-injector technology
to treat severe allergic reactions. Mylan is based in
Hertfordshire, the United Kingdom.
Medicaid is a U.S. government insurance program for persons
whose income and resources are insufficient to pay for health
care. Jointly funded by the state and federal governments,
Medicaid is the largest source of funding for medical and
health-related services for Americans with low income.
Between 2011 and 2015, Medicaid spent approximately $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: (i) Mylan paid Medicaid significantly lower
EpiPen rebates than legally required; (ii) Medicaid had previously
advised Mylan of the Company's obligation to pay higher rebates;
(iii) Mylan therefore knowingly and systemically overcharged
Medicaid for EpiPens in violation of federal law; (iv) millions of
dollars of Mylan's revenue from EpiPen sales were the result of the
foregoing illegal conduct by the Company; and (v) as a result of
the foregoing, Mylan's public statements were materially false and
misleading at all relevant times.
On September 2, 2016, Inside
Health Policy published an article stating that the Centers for
Medicare & Medicaid Services ("CMS"), a federal agency whose
responsibilities include, inter alia, 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."
On this news, Mylan's share price fell $1.95, or 4.65%, to close at $39.97 on September 2,
2016.
On October 5, 2016,
Bloomberg reported that the CMS had issued a letter stating
that Mylan had for years overcharged Medicaid to buy the Company's
EpiPen shot, despite being told that the Company needed to provide
bigger discounts under the law. The CMS letter stated that
from 2011 to 2015, the U.S. Medicaid health program spent
approximately $797 million on
EpiPens, including rebates of roughly 13%, rather
than the discount of 23.1% that the U.S.
should have received. The letter stated that
the government had previously "expressly told Mylan that the
[EpiPen] product is incorrectly classified."
On this news, Mylan's share price fell $1.19, or 3.13%, to close at $36.84 on October
6, 2016.
On October 7, 2016, Mylan
announced that it had reached a $465
million settlement with the U.S. Department of Justice and
other agencies to resolve questions raised about the classification
of EpiPen for Medicaid rebate purposes.
On October 7, 2016, 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."
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los
Angeles, 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
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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SOURCE Pomerantz LLP