Robbins Arroyo LLP: Teva Pharmaceutical Industries Ltd. (TEVA) Misled Shareholders According to a Recently Filed Class Action
15 Novembre 2016 - 8:18PM
Business Wire
Shareholder rights law firm Robbins Arroyo LLP announces that a
class action complaint was filed against Teva Pharmaceutical
Industries Ltd. (NYSE: TEVA) in the U.S. District Court for the
Central District of California. The complaint is brought on behalf
of all purchasers of Teva securities between February 10, 2015 and
November 3, 2016, for alleged violations of the Securities Exchange
Act of 1934 by Teva's officers and directors. Teva develops,
manufactures, markets, and distributes generic medicines and a
portfolio of specialty medicines worldwide.
View this information on the law firm's Shareholder Rights
Blog:www.robbinsarroyo.com/shareholders-rights-blog/teva-pharmaceutical-industries-ltd
Teva Accused of Misrepresenting Backlog
According to the complaint, throughout the class period, Teva
submitted several filings with the U.S. Securities and Exchange
Commission attesting to the accuracy of financial reporting, the
disclosure of any material changes to the company's internal
control over financial reporting, and the disclosure of all fraud.
The filings highlighted the company's strengths, stating, "We
believe that our primary competitive advantages are our ability to
continually introduce new and complex generic equivalents for
brand-name drug products on a timely basis, our quality, our
customer service and the breadth of our product portfolio." The
filings also discussed Teva's business strategy at length,
emphasizing the company's heightened focus on profitable and
sustainable business, and that it was focusing on key growth
markets and pursuing strategic business development
initiatives.
The complaint alleges, however, that Teva officials failed to
disclose that the company had engaged in conduct that would result
in an antitrust investigation by the U.S. Department of Justice
("DOJ") and the State of Connecticut Office of the Attorney
General, and the DOJ investigation and the underlying conduct could
cause U.S. prosecutors to file charges against Teva for suspected
price collusion. On August 4, 2016, Teva disclosed that the
company's subsidiary, Teva USA, had received two subpoenas seeking
documents and other information relating to the marketing and
pricing of certain of Teva USA's generic products and
communications with competitors about such products. On November 3,
2016, Bloomberg published an article discussing the DOJ's
investigation, stating that the grand jury probe is examining
whether some executives agreed with one another to raise prices. On
this news, Teva American Depositary Shares fell $4.13 per share, or
over 9.5%, to close at $39.20 per share on November 3, 2016.
Teva Shareholders Have Legal Options
Concerned shareholders who would like more information about
their rights and potential remedies can contact attorney Darnell R.
Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the
shareholder information form on the firm's website.
Robbins Arroyo 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.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: http://www.businesswire.com/news/home/20161115006609/en/
Robbins Arroyo LLPDarnell R. Donahue(619) 525-3990 or Toll Free
(800) 350-6003DDonahue@robbinsarroyo.comwww.robbinsarroyo.com
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