Shareholder Alert: Robbins LLP Announces Mylan N.V. (MYL) Sued for Misleading Shareholders
December 20 2019 - 12:56PM
Business Wire
Shareholder rights law firm Robbins LLP announces that a
purchaser of Mylan N.V. (NYSE: MYL) filed a class action complaint
against the company for alleged violations of the Securities and
Exchange Act of 1934 between May 9, 2018 and May 6, 2019. Mylan
develops and manufactures over-the-counter pharmaceutical
products.
If you suffered a loss as a result of Mylan's misconduct, click
here.
Mylan N.V. (MYL) Accused of Misleading Shareholders
According to the complaint, Mylan issued a press release
following an FDA inspection at its Morgantown facility in June
2018, assuring "[it] remained confident in the quality, safety, and
efficacy of [its] drug products…and [it] continue[s] to manufacture
and ship product from the site." Despite its auspicious statements,
in August 2018, Mylan revealed that the Company had begun a
restructuring and remediation program at its Morgantown
manufacturing facility in response to the FDA's inspection
observations, and that it had negatively impacted production
levels, product supply, and operations. However, Mylan continued to
assure its confidence in the Company's future until a November 2018
tweet from the FDA commissioner revealed that Mylan was in
violation of adhering to current good manufacturing practices and
the issue had yet to be resolved. As a result of its extensive
restructuring and remediation activities, in February 2019, Mylan
announced full year 2018 North American segment net sales that were
down 16% and continued to decline by 6% in first quarter 2019.
Since this news, Mylan's stock has plummeted to around $19.00 per
share, representing an almost 52% decline from its closing trading
price of $39.23 on August 8, 2018.
Mylan N.V. (MYL) Shareholders Have Legal Options
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: https://www.businesswire.com/news/home/20191220005494/en/
Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
LKandinov@robbinsllp.com (619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
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