NEW YORK, NY / ACCESSWIRE / May 24, 2016 / Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC notifies investors that a securities class action has been filed on behalf of those who purchased shares of Perrigo Company plc ("Perrigo" or "the Company") (NYSE: PRGO), during the period between April 21, 2015 and May 11, 2016, inclusive (the "Class Period") and/or owned Perrigo common stock as of November 13, 2015. This action is pending in the United States District Court for the District of New Jersey.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
The complaint alleges that Defendants violated Sections 10(b), 14(e) and 20(a) of the Securities Exchange Act of 1934.
On April 8, 2015, Mylan offered to purchase Perrigo for $205 per share, representing a nearly 30% premium to the Company's total market capitalization. Mylan's approach was well received by investors, and the price of Perrigo stock increased to as high as $215 per share in intraday trading on April 8.
On April 21, 2015, Perrigo publicly rejected Mylan's offer and told investors that the offer substantially undervalued Perrigo and its growth prospects, and that the offer did not take into account the full benefits of the Company's acquisition of Omega Pharma N.V. ("Omega"). Over the next six months, Perrigo continued to engage in a public campaign to reject Mylan's proposal, despite having subsequently raised its offer to approximately $235 per share.
On November 13, 2015, a majority of Perrigo's shareholders declined to tender their shares, defeating Mylar's tender offer. On the news the tender offer failed, Perrigo shares fell 6%.
On February 18, 2016, Perrigo reported lower than expected fourth quarter 2015, revenue, margins, earnings, and cash flow and decreased earnings guidance for 2016. The Company also announced that it would need to take a $185 million impairment charge related to Omega's assets. On this news Perrigo shares fell $14.77 per share.
On April 25, 2016, Perrigo announced the resignation of its Chief Executive Officer, lowered its 2016 earnings guidance, and reporter weak preliminary first quarter 2016 results. The Company attributed its poor financial performance, in part, to issues with the Omega acquisition. On this news Perrigo shares fell $21.95 per share.
On May 12, 2016, Perrigo announced a first quarter net loss of $0.93 per share which the Company largely attributed to an additional $467 million impairment charge relating to the Omega acquisition. On this news Perrigo shares fell $3.71 per share.
No Class has yet been certified in the above action. To discuss this action, or for any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Coordinator, Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Perrigo Company plc you have until July 18, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman
212-697-6484 | [email protected]
SOURCE: Bronstein, Gewirtz & Grossman, LLC