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Lawsuit filed for Investors in shares of Mylan N.V. (NASDAQ: MYL)

07-14-2020 03:37 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Mylan N.V. (NASDAQ: MYL) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Mylan N.V. (NASDAQ: MYL) shares over alleged securities laws violations.

An investor, who purchased shares of Mylan N.V. (NASDAQ: MYL), filed a lawsuit over alleged violations of Federal Securities Laws by Mylan N.V. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Mylan N.V. (NASDAQ: MYL) have certain options and for certain investors are short and strict deadlines running. Deadline: August 25, 2020. NASDAQ: MYL investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

United Kingdom based Mylan N.V., together with its subsidiaries, develops, licenses, manufactures, markets, and distributes generic, branded-generic, brand-name, and over-the-counter (OTC) pharmaceutical products in North America, Europe, and internationally.
According to the complaint the plaintiff alleges on behalf of purchasers of Mylan N.V. (NASDAQ: MYL) common shares between February 16, 2016 and May 7, 2019, that the defendants violated Federal Securities Laws. More specifically, the claims against Mylan N.V. arise from the Company's misrepresentations and omissions regarding rampant abuses of federal quality control regulations, including at the Morgantown facility.

The plaintiff says that under a scheme implemented by Mylan's President, Rajiv Malik, Mylan chemists manipulated quality control test data in order to create the facade that Mylan's drugs had achieved passing quality control results. In November 2016, a whistleblower reported Mylan's conduct to the U.S. Food & Drug Administration ("FDA").

The plaintiff claims that the truth began to be revealed on June 27, 2018, when Mylan N.V. revealed that the FDA had investigated the Morgantown plant in the Spring of 2018—the second FDA investigation of that plant in less than two years. According to the FDA, the Morgantown plant exhibited "significant deficiencies in [its] cleaning process[es]," "numerous instances of a lack of oversight," and "multiple instances" of Mylan chemists re-cleaning and re-swabbing quality control testing machines "multiple times until passing results were obtained."

The plaintiff says that as a result of these violations, Mylan N.V. was ultimately forced to reveal that it would be dramatically "restructuring" its Morgantown facility, including by terminating hundreds of employees, and reported a surprise quarterly loss on May 7, 2019, which the Company attributed, in part, to the Morgantown "restructuring." The disclosures concerning Mylan's misconduct and its impact on the Company's business and financial condition caused the value of Mylan stock to decline dramatically, resulting in significant damages to investors.

Those who purchased shares of Mylan N.V. (NASDAQ: MYL) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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