SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Teva Pharmaceuticals Industries Limited of Class Action Lawsuit and Upcoming Deadline – TEVA
NEW YORK, NY / ACCESSWIRE / Oct 23, 2020 / Pomerantz LLP Announces that a class action lawsuit has been filed against Teva Pharmaceuticals Industries Limited ("Teva" or the "Company") (NYSE: TEVA) and some of its officers. The class action lawsuit, filed in the U.S. District Court for the Eastern District of Pennsylvania and filed under 20-cv-04660, is directed to a class consisting of all persons except Defendants who purchased or purchased Teva securities between October 29th otherwise acquired, 2015 and August 18, 2020, both dates inclusive (the "Class Period") to seek damages caused by Defendants' violations of federal securities laws and to seek remedial action under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 therein against the Company and some of its senior officials.
If you are a shareholder who purchased Teva securities during the class period, you have until November 23, 2020 to petition the court to appoint you as the lead plaintiff for the class. A copy of the complaint is available at www.pomerantzlaw.com. To discuss this promotion, contact Robert S. Willoughby at firstname.lastname@example.org or toll free 888.476.6529 (or 888.4-POMLAW) ext. 7980. Those who inquire by email are encouraged to give their Provide postal address, telephone number and the number of shares purchased.
[Click here for information on how to participate in the class action.]
Teva, a pharmaceutical company, develops, manufactures, markets, and sells generics, specialty drugs, and biopharmaceutical products in North America, Europe, and internationally.
Teva's products include Copaxone (glatiramer acetate), a prescription drug used to treat relapsed forms of multiple sclerosis ("MS"). Throughout the class, Teva consistently referred to Copaxone as the company's "leading specialty medicine" and reported Copaxone sales and revenues that dwarfed the same metrics for other Teva specialty products. Teva attributed Copaxone's commercial success to "the right mix", including "fantastic base demand", "patients with access to it" and an "unparalleled ... track record of efficacy and safety". "
The complaint alleges that throughout the classroom period, the defendants made materially false and misleading statements about the company's business, operational, and compliance policies. In particular, Defendants made false and / or misleading statements and / or failed to disclose that: (i) Teva made significant illegal chargeback payments to charitable foundations to cover Medicare co-payment obligations of patients taking Copaxone; (ii) Accordingly, Teva's income from Copaxone was in part the product of unlawful conduct and therefore unsustainable. (iii) the foregoing misconduct exposed Teva to a foreseeable risk of increased government oversight and enforcement and reputational damage once the truth became known; and (iv) as a result, the Company's public statements at all relevant times have been materially false and misleading.
On August 18, 2020, the US Department of Justice ("DOJ") issued a press release announcing that it had filed a complaint against Teva under the False Claims Act. Specifically, "[d] the government claims that Teva paid the Assistance Fund (TAF) and Chronic Disease Fund (CDF) from 2007 to 2015 with the intent and understanding that the Tevas foundations are using Teva's money to cover Medicare co-payments of patients taking Copaxone. Over the same period, Teva increased the price of Copaxone from approximately $ 17,000 per year to over $ 73,000 per year.
In the news, the price of Teva American Depository Receipts ("ADR") fell $ 1.11 per ADR, or 9.6%, from its previous close on Aug. 17, 2020 to $ 10.48 per ADR on Aug. 18, 2020 with unusually high trading volumes.
The Pomerantz firm, with offices in New York, Chicago, Los Angeles and Paris, is recognized as one of the leading law firms in corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, dean of class action lawsuit, Pomerantz pioneered class action lawsuits. Today, more than 80 years later, the Pomerantz company continues its tradition and fights for the rights of victims of securities fraud, fiduciary violations and corporate misconduct. The company has received numerous millions of dollars in damages on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP
View source version on accesswire.com:
https://www.accesswire.com/612083/SHAREHOLDER-ALERT-Pomerantz-Law-Firm-Reminds-Shareholders-with-Losses-on-their-Investment-in-Teva-Pharmaceuticals-Industries-Limited-of-Class- Lawsuit and upcoming deadline - TEVA
Click to receive the most important news as a notification!
FedEx Opens New Front in War With Amazon
Schwarber, Bradley, Duvall among 59 cut in pandemic fallout
'I'm 23 years old and I just had a stroke': Arizona man goes viral after COVID-19 experience
Here's what California's new stay-at-home order could look like
9-Week-Old Puppy Rescued from the Grasp of Carpet Python by Heroic Owner in Startling Footage
Eric Shawn: No, the election was not 'stolen,' officials reiterate