NEW YORK -- (Business Wire)
Entwistle & Cappucci LLP (“Entwistle & Cappucci”) today announced that
it has filed a securities class action lawsuit on behalf of persons or
entities that purchased call options and/or sold put options on Valeant
Pharmaceuticals International, Inc. (NYSE: VRX) (“Valeant” or the
“Company”) common stock during the period January 4, 2013 through August
11, 2016, inclusive (the “Class Period”), and who were damaged thereby
(the “Class”). The case was filed in the United States District Court
for the District of New Jersey, Case No. 3:18-cv-10246, against Valeant
and related defendants (collectively, “Defendants”).
The class action asserts claims under Sections 10(b) and 20(a) of the
Securities Exchange Act of 1934. The complaint alleges that, during the
Class Period, the Defendants made materially false and misleading
statements and failed to disclose material adverse facts concerning the
Company’s business and prospects. In this regard, the complaint alleges
that: (1) the Company used a network of specialty mail-order pharmacies
it controlled to prop up sales of its high-priced drugs and to keep
patients and their insurance companies from switching to less costly
generic drugs; (2) Valeant’s undisclosed use of specialty pharmacies
left it subject to increased regulatory risks; and (3) without the use
of the specialty pharmacies, Valeant’s financial performance and Class
Period financial guidance would have been negatively impacted. As a
result of Defendants’ false and misleading statements and omissions,
Valeant call options traded at artificially inflated prices during the
Class Period, while Valeant put options traded at artificially deflated
prices during the Class Period. In this action, Plaintiff seeks an award
of damages, and prejudgment interest, to Plaintiff and other Class
members.
If you wish to serve as a lead plaintiff in this matter, you must file a
motion with the Court no later than 60 days from today, or by August 7,
2018. Any member of the proposed Class may move the Court to serve as a
lead plaintiff in this matter through counsel of their choice, or they
may choose to do nothing and remain a member of the Class.
If you wish to discuss this action or have any questions concerning this
notice or your rights or interests, please contact: Andrew J. Entwistle,
Esq. of Entwistle & Cappucci at (212) 894-7200 or via e-mail at aentwistle@entwistle-law.com;
or Robert N. Cappucci, Esq. of Entwistle & Cappucci at (212) 894-7200 or
via e-mail at rcappucci@entwistle-law.com.
AboutEntwistle & Cappucci
Entwistle & Cappucci is a national law firm providing exceptional legal
representation to clients globally in the most complex and challenging
legal matters. Our practice encompasses all areas of litigation,
including securities, antitrust, corporate transactions, general
corporate and commercial, creditor’s rights and bankruptcy, corporate
governance and fiduciary duty, government affairs, insurance,
investigations and white collar defense. Our clients include public and
private corporations, major hedge funds, public pension funds,
governmental entities, leading institutional investors, domestic and
foreign financial services companies, emerging business enterprises and
individual entrepreneurs.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180608005756/en/
Contacts:
Entwistle & Cappucci LLP
Andrew J. Entwistle, Esq. (aentwistle@entwistle-law.com)
Robert
N. Cappucci, Esq. (rcappucci@entwistle-law.com)
299
Park Avenue, 20th Floor
New York, New York 10171
Telephone:
(212) 894-7200
Facsimile: (212) 894-7272
www.entwistle-law.com
Source: Entwistle & Cappucci LLP
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