Horizon investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Horizon is a specialty biopharmaceutical company that engages in identifying, developing, acquiring or in-licensing, and commercializing medicines for the treatment of arthritis, pain, inflammatory, and/or orphan diseases in the United States and internationally.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Horizon’s Prescriptions Made Easy (“PME”) program was designed to artificially inflate the prices of minor differentiation standard retail drugs; (ii) sales revenues from drugs sold through Horizon’s PME program were unsustainable at these inflated price levels; (iii) Horizon’s use of its PME program left the Company subject to increased regulatory risks; (iv) Horizon received a subpoena from the Office of the U.S. Attorney for the Southern District of New York in November 2015; and (v) as a result of the foregoing, Defendants’ statements about Horizon’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
The Class Period begins on March 13, 2014, when Horizon filed an annual report on Form 10-K with the SEC announcing the Company’s financial and operating results for the quarter and year ended December 31, 2013 (the “2013 10-K”).
On February 29, 2016, Horizon disclosed in its 2015 annual report that the Company received a subpoena in November 2015 from the Office of the U.S. Attorney for the Southern District of New York for documents and information related to the Company’s patient assistance programs, which include providing free medicines and copay coupons to help cover out-of-pocket drug costs, and other aspects of Horizon’s sales and marketing activities.
Following this news, Horizon’s stock fell $2.63, or 13.3%, to close at $17.16 on February 29, 2016.
If you are a member of the class described above, you may no later than May 9, 2016 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at email@example.com. For more information about Kessler Topaz Meltzer & Check, LLP, please visit our website at http://www.ktmc.com. If you would like additional information about the suit, please fill out the attached form as promptly as possible and return it by fax to 610-667-7056, or by mail in the enclosed envelope.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at firstname.lastname@example.org