| COMPANY |
Viatris Inc. |
| COURT |
United States District Court for the Western District of Pennsylvania |
| CASE NUMBER |
23-cv-00812 |
| JUDGE |
The Hon. Marilyn Jean Horan |
| CLASS PERIOD |
March 1, 2021 and February 25, 2022 |
| SECURITY TYPE |
Common Stock |
Viatris investors may receive additional information about the case by clicking the link "Submit Your Information" above. If you are a member of the class described below, you may no later than July 14, 2023 move the Court to serve as lead plaintiff of the class, if you so choose.
A class action lawsuit has been filed on behalf of those who purchased or acquired Viatris Inc. ("Viatris") (NASDAQ: VTRS) securities between March 1, 2021 and February 25, 2022, both dates inclusive (the “Class Period”).
Case Background:
At the outset of the Class Period, Viatris announced a multi-phase plan, the first phase of which that would allow it to: (1) create a stable revenue base; (2) realize $1 billion in cost synergies by 2024; and (3) improve cash conversion and free cash flow generation. Defendants claimed that Viatris would achieve its first phase goals through its strong pipeline of new products, including those in its biosimilars business. Defendants further represented that Viatris’s strong pipeline and business development would offset erosion of the company’s base business.
However, contrary to Defendants representations, the company was experiencing significantly more competition in its United States complex generics business than disclosed. As a result, the company was not able to effectively manage its base business erosion or create a stable revenue base. Instead, throughout 2021, Viatris total revenues were declining quarter-over-quarter.
On February 28, 2022, before the market opened, Viatris revealed that it had decided to undertake a global reshaping of its business, announcing that it had entered into an agreement to sell its biosimilars business to Biocon Biologics Limited, and that it was seeking to divest additional business assets to focus on developing products in three core therapeutic areas as part of its reshaping. The same day, Viatris also announced disappointing guidance for fiscal year 2022, attributing the lower-than-expected numbers to competition around key core products and price deterioration in certain markets.
Following this news, Viatris’s stock price fell $3.53, or 24.3%, to close at $11.01 per share on February 28, 2022.
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. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
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: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.