Case Name: Allergan Generic Drug Pricing Securities Litigation
Class Period: 10/29/2013 -- 11/02/2016
Settlement Fund: $130,000,000
Claim Filing Deadline: 12/27/2021
Allergan, the Irish pharmaceutical company formerly known as Actavis, has settled a securities suit over alleged collusion and otherwise misleading investors that its profits were, “legitimately (and legally) increasing.” Settlement notice are hitting investors mailboxes and inboxes this week.
According to the class action complaint, filed November 4, 2016, “Allergan plc and Actavis plc were engaging and/or had engaged in conduct that would result in an antitrust investigation by the U.S. Department of Justice… The DOJ investigation and the underlying conduct could cause U.S. prosecutors to file criminal charges against Allergan plc and Actavis plc by the end of 2016 for suspected price collusion; and… as a result, Allergan plc’s and Actavis plc’s public statements were materially false and misleading at all relevant times.”
Allergan has settled for $130 million, claim forms are due December 27, and Chicago Clearing is ready to file for you right now.
Do you qualify for this litigation?
There are three sub-classes to this litigation:
(1) all persons and entities who purchased or otherwise acquired Allergan plc (before June 15, 2015, known as Actavis plc) common and/or preferred stock between October 29, 2013 and November 2, 2016, both dates inclusive, and were damaged thereby;
(2) all persons and entities who held Forest Laboratories common stock as of May 2, 2014, and were entitled to vote on the Forest Merger, and acquired shares of Allergan common stock in the Forest Merger and were damaged thereby; and
(3) all persons and entities who held Allergan, Inc. common stock as of January 22, 2015, and were entitled to vote on the Actavis Merger, and acquired shares of Allergan common stock in the Actavis Merger and were damaged thereby.
How Can Chicago Clearing Help?
Let’s see: three subclasses, three companies, three common stocks and two preferred stocks, some symbol and CUSIP changes, a couple of mergers… Do you want to dig into your trade data or each of your clients' data all the way back to 2013 and parse through all of that? I mean, was Obama still president in 2013? Did we have smart phones even, or did they arrive later?
Retrieving old trade data is a pain, mergers and CUSIP changes are confusing, and filing claims in securities class action is a time-consuming distraction from the real work of investing and managing client accounts. Chicago Clearing can handle everything for you and your clients, from filing claims to replying to deficiencies and contesting rejections to allocating funds to your account or to your clients directly. We will then present each of your claims on a simple, smart, and secure website so you can track the progress in real time. We can even tell you who was president during the start of the class period!
What is this case about?
On August 6, 2015, Allergan announced that they had received a subpoena from the Departmant of Justice on June 30, 2015 regarding its possible participation in a price-fixing scheme with other generic drug manufacturers, such as Mylan N.V., Teva Pharmaceuticals, Impax Laboratories, and Taro Pharmaceuticals, among many others. Bloomberg noted that with the subpoena, Allergan became “the biggest company yet to draw scrutiny in the government’s widening antitrust probe of the industry.”
After this announcement, shares of Allergan plc fell 5% $ to close at $319.47 per share on August 6, 2015. A steady decline continued well into 2016, when finally on November 3, 2016 of that year Bloomberg reported that the DOJs ongoing collusion investigation of a dozen companies, including Allergan plc, might result criminal charges by the end of 2016. On this news, Allergan stock dropped another 4% to close at $188.82.
The DOJ’s criminal investigations of the pharmaceutical industry are ongoing, and in fact on January 6 of this year the government intervened in this very litigation, in a motion to the court stating that, “This civil litigation shares common questions of law and fact with the Antitrust Division’s investigation into the generic pharmaceutical industry and pending criminal Proceedings.” We are tracking those proceedings as well as related civil antitrust proceedings.
Call Us Today
With the experts at Chicago Clearing on your side, you don’t have to worry about the intricacies of this case—or of any other. We will file accurately, comprehensively, and on time, every time. We add value to your portfolio and your service offering by recovering every dollar you are owed. Call us today at 312-204-6970, and we’ll get started.