Mylan investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Mylan N.V., together with its subsidiaries, develops, licenses, manufactures, markets, and distributes generic, branded generic, and specialty pharmaceuticals worldwide. Mylan Inc. is an indirect wholly owned subsidiary of Mylan N.V. Since acquiring EpiPen® Auto-Injector and EpiPen Jr® Auto-Injector (collectively, “EpiPen”) in 2007, Mylan N.V. and Mylan Inc. have classified it as a “non-innovator” drug for purposes of the Medicaid Drug Rebate Program.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) Mylan N.V. and Mylan Inc. incorrectly classified EpiPen as a generic under the Medicaid Drug Rebate Program, which was financially consequential for federal and state governments as it reduced the amount of quarterly rebates Mylan N.V. and Mylan Inc. owed for EpiPen; (2) between 2011 through 2015, Mylan N.V. and Mylan Inc. paid a lower rebate of 13% when it should have been paying a higher rebate of 23.1% or more; (3) the incorrect classification appears to have cost the federal government more than $100 million in the last five years alone; (4) in turn, Mylan N.V. and Mylan Inc. lacked effective internal controls over financial reporting; and (5) as a result, Mylan N.V. and Mylan Inc.’s public statements were materially false and misleading at all relevant times.
According to the complaint, on September 2, 2016, an article was published by Inside Health Policy stating that the Centers for Medicare & Medicaid Services (“CMS”) “informed Mylan that it incorrectly classified EpiPen as a generic under the Medicaid rebate program, which caused financial consequences for federal and state governments by reducing the amount of quarterly rebates Mylan owed for its product.” Following this news, shares of Mylan N.V. fell $1.95 per share or over 4% from its previous closing price to close at $39.97 per share on September 2, 2016.
Then, on October 6, 2016, The Fiscal Times published an article titled “Lawmakers Say EpiPen Maker Bilked Medicare for More than $100 Million”, stating that “[t]he incorrect classification appears to have cost the federal government more than $100 million in the last five years alone.” Following this news, shares of Mylan N.V. fell $2.09 or approximately 5% over two trading days to close at $35.94 on October 7, 2016.
If you are a member of the class described above, you may no later than December 12, 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.
Kessler Topaz Meltzer & Check, LLP
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