Perrigo Securities Litigation

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Perrigo Securities Litigation
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***IMPORTANT CASE UPDATE***

On October 29, 2021 the Court granted preliminary approval of the Settlement. Notice Packets including the Proof of Claim and Release Form will be mailed beginnig on November 19, 2021. The Notice, Claim Form and other court documents may be also be accessed on this website.


The information contained on this web page is only a summary of information presented in more detail in the Notice of Proposed Settlement of Class Action, Settlement Hearing, and Right to Appear (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional information

 If you are a Class Member, your legal rights will be affected by this Settlement whether you act or do not act. 

Please read the Notice carefully.

IF YOU PURCHASED OR OTHERWISE ACQUIRED PUBLICLY TRADED PERRIGO COMPANY PLC CORPORATION COMMON STOCK IN THE UNITED STATES DURING THE PERIOD NOVEMBER 8, 2018, TO DECEMBER 20, 218, INCLUSIVE, AND WERE DAMAGED THEREBY, YOU MAY BE A CLASS MEMBER

YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:

FILE A CLAIM

This is the only way to be potentially eligible to receive a payment from the Settlement Fund.  If you are a Class Member, you will be bound by the Settlement as approved by the Court and you will give up any Released Plaintiffs’ Claims (defined in paragraph 24 below) that you have against Defendants and the other Defendants’ Releasees (defined in paragraph 25 below), so it is in your interest to submit a Claim Form.

OBJECT TO THE SETTLEMENT

 

 

If you do not like the proposed Settlement, the proposed Plan of Allocation, and/or the request for attorneys’ fees and reimbursement of Litigation Expenses, you may write to the Court and explain why you do not like them.  You cannot object to the Settlement, the Plan of Allocation, or the fee and expense request unless you are a Class Member. 

ATTEND A HEARING

Filing a written objection and notice of intention to appear by January 26, 2022, allows you to speak in Court, at the discretion of the Court, about the fairness of the proposed Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and reimbursement of Litigation Expenses.  If you submit a written objection, you may (but you do not have to) attend the hearing and, at the discretion of the Court, speak to the Court about your objection.

DO NOTHING

If you are a member of the Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund.  You will, however, remain a member of the Class, which means that you give up your right to sue about the claims that are resolved by the Settlement, and you will be bound by any judgments or orders entered by the Court in the Action.


The Settlement Hearing

The Settlement Hearing will be held on February 16, 2022, at 10:00 a.m., at the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, Courtroom 18B, 500 Pearl St., New York, NY 10007, or by telephonic, video conferencing, or other electronic means, as posted on the website of the Claims Administrator. The Court reserves the right to approve the Settlement, the Plan of Allocation, Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses, and/or any other matter related to the Settlement at or after the Settlement Hearing without further notice to the members of the Class.

What is this case about?

After the stock market closed on December 20, 2018, Perrigo announced that on November 29, 2018, its subsidiary received a Notice of Amended Assessment from the Irish Office of the Revenue Commissioners (“Irish Revenue”), Ireland’s tax authority, assessing Perrigo with a €1.636 billion (approximately $1.9 billion) tax liability, not including interest or any applicable penalties.  The price of shares of Perrigo Stock declined the following day, from closing at $52.36 per share on December 20, 2018, to closing at $37.03 per share on December 21, 2018.

On January 3, 2019, investors filed a federal securities class action alleging claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.  On March 26, 2019, the Court issued an order appointing the City of Boca Raton General Employees’ Pension Plan, and Palm Bay Police and Firefighters’ Pension Fund as “Lead Plaintiffs” pursuant to the Private Securities Litigation Reform Act of 1995 (the “PSLRA”).  In the same order, the Court approved Lead Plaintiffs’ selection of Saxena White P.A. as Lead Counsel for the Class.

The Second Amended Class Action Complaint for Violations of the Federal Securities Laws (the “Complaint”) was filed on May 31, 2019.  The Complaint alleges, among other things, that during the period of November 8, 2018, up to and including December 20, 2018 (the “Class Period”), the Defendants allegedly made material misrepresentations and omissions to investors regarding the €1.636 billion tax liability assessed by Irish Revenue.  The Complaint alleges that, among other things, unbeknownst to investors, (i) on October 30, 2018, Perrigo received an “Audit Findings Letter” from Irish Revenue detailing its findings from its year-long audit of transactions in which Perrigo sold its rights to the multiple sclerosis drug Tysabri® for a total of approximately $6 billion; (ii) the Audit Findings Letter informed Perrigo that it owed €1,636,047,646 in back taxes; and (iii) on November 29, 2018, Perrigo received from Irish Revenue a Notice of Amended Assessment in the exact same amount listed in the Audit Findings Letter.  The Complaint alleges that the Defendants misled the investing public in its Form 10-Q filed on November 8, 2018, by disclosing only that Perrigo had received “an audit finding letter” from Irish Revenue (without disclosing the amount of tax liability stated in the letter) and by falsely claiming that any resulting tax assessment “cannot be quantified at this stage.”  The Complaint asserts that Defendants’ misrepresentations and omissions caused Perrigo shareholders to purchase their stock at artificially inflated prices and suffer damages when the Notice of Amended Assessment was disclosed to the market

The Settlement Benefits

At this time, it is not possible to make any determination as to how much any individual Class member may receive from the Settlement.

Pursuant to the Settlement, Perrigo has agreed to pay $31,900,000.00.  The Settlement Amount will be deposited into an escrow account.  The Settlement Amount plus any interest earned thereon is referred to as the “Settlement Fund.”  If the Settlement is approved by the Court and the Effective Date occurs, the “Net Settlement Fund” (that is, the Settlement Fund less (a) all federal, state, and/or local taxes (including any interest or penalties thereon) on any income earned by the Settlement Fund, the reasonable costs incurred in connection with determining the amount of and paying taxes owed by the Settlement Fund (including reasonable expenses of tax attorneys and accountants), and all taxes imposed on payments by the Settlement Fund, including withholding taxes; (b) the costs and expenses incurred in connection with providing notice to Class Members and administering the Settlement on behalf of Class Members; and (c) any attorneys’ fees and Litigation Expenses awarded by the Court) will be distributed to Class Members who submit valid Claim Forms, in accordance with the proposed Plan of Allocation or such other plan of allocation as the Court may approve.

Further Information

This website and the Notice summarize the Settlement.  For more details regarding the Settlement please reference the Settlement Agreement, or other documents filed in the case under the “Court Documents” link on the left.  You may also contact the Claims Administrator or Lead Counsel for further information regarding the Settlement:

Claims Administrator:

Perrigo Securities Litigation

c/o A.B. Data, Ltd.

PO Box 173013

Milwaukee, WI  53217

(877) 884-4197

info@PerrigoSecuritiesClassAction.com


Lead Counsel:

Joseph E. White, III

Saxena White P.A.

7777 Glades Road

Suite 200

Boca Raton, FL 33434



 
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