PHILADELPHIA, Aug. 23, 2017 /PRNewswire/ -- Kaufman, Coren
& Ress, P.C. announces that it filed a class action lawsuit in
the U.S. District Court, Eastern District of Pennsylvania, 17-CV- 003743, on behalf of
purchasers of Teva Pharmaceutical Industries Ltd. ("Teva")
American Depository Shares ("ADSs") on the New York Stock
Exchange ("NYSE") and/or common stock on the Tel Aviv Stock
Exchange ("TASE") between November 15,
2016 and August 2, 2017,
inclusive ("Class Period"), alleging violations of the federal
securities laws.
If you wish to serve as lead plaintiff, you must move the Court
no later than 60 days from today. If you wish to discuss this
action or have any questions concerning this notice or your rights
or interests, please contact plaintiff's counsel, Deborah Gross, Esq. at dgross@kcr-law.com or
215-735-8700. Any member of the putative class may move the
Court to serve as lead plaintiff through counsel of their choice,
or may choose to do nothing and remain an absent class member.
The Complaint charges Teva and certain of its officers and/or
directors with violations of the Securities Exchange Act of 1934.
Teva develops, manufactures, markets, and distributes generic
medicines. The Complaint alleges that during the Class
Period, defendants issued materially false and misleading
statements and/or failed to disclose adverse information regarding
Teva's business and outlook. Specifically, the Complaint alleges
that the poor performance of its U.S. generics business resulted in
Teva's recording a goodwill impairment charge related to the
acquisition of Actavis Generics and was a key factor in cutting
Teva's dividend by 75%.
Defendants' disclosed on August 3,
2017, the goodwill impairment charge of $6.1 billion in the second quarter of 2017, and
lower than expected Q2 results attributed to the accelerated price
erosion and decreased volume experienced in the U.S. generics
business due to customer consolidation, greater competition, and
delayed product launches. In reaction to these announcements, Teva
shares dropped from closing prices of 111.30 (ILS) per common share
and $31.25 per ADS on August 2, 2017, to a new 52-week low closing
price of 71.28 (ILS) per common share on August 6, 2017, and $20.60 per ADS on August
4, 2017, on heavy two-day trading volume.
Plaintiff seeks to recover damages on behalf of all purchasers
of Teva, ADS, and common stock during the Class Period. The
plaintiff is represented by Kaufman, Coren & Ress, P.C.,
which is experienced in prosecuting investor class actions
including actions involving financial fraud.
Deborah Gross, Esq.
Kaufman, Coren & Ress, P.C.
Two Commerce Sq., Suite 3900
Philadelphia, PA 19103
1 215 735 8700
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SOURCE Kaufman, Coren & Ress, P.C.