Shareholder Alert: Robbins LLP Announces Mylan N.V. (MYL) Sued for Misleading Shareholders
SAN DIEGO & HERTFORDSHIRE, England--(BUSINESS WIRE)--Dec 20, 2019--
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
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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20191220005494/en/
CONTACT: Leo Kandinov
5040 Shoreham Place
San Diego, CA 92122
(619) 525-3990 or Toll Free (800) 350-6003
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES
SOURCE: Robbins LLP
Copyright Business Wire 2019.
PUB: 12/20/2019 12:56 PM/DISC: 12/20/2019 12:56 PM