Patterson Companies, Inc.

Case Details

Class Period:
June 26, 2015 – February 28, 2018
Date Filed:
March 28, 2018
Case Number:
0:18-cv-00871
Jurisdiction:
District of Minnesota

Case Summary

On August 20, 2018,  Plymouth County Retirement System, Pembroke Pines Fund for Firefighters and Police Officers and Central Laborers joined Gwinnett County Public Employees Retirement System in a Joint Stipulation and Proposed Order seeking appointment as co-lead plaintiffs.

Once the Court enters the Proposed Order, counsel will confer on a schedule for the filing of an amended complaint and Defendants’ anticipated motions to dismiss.

Patterson is one of the nation’s only full-service distributors of dental products. The Company distributes its products mainly through two subsidiaries—Patterson Dental and Patterson Animal Health.

The Complaint asserts claims for violations of the Securities Exchange Act of 1934. The Complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects.

Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Defendants’ were engaged in a fraudulent and illegal price-fixing conspiracy; (2) that the Company’s revenue and earnings were fraudulently inflated by the illegal scheme (3) the scheme was aimed at prohibiting sales to and price negotiations by GPOs that represented small and independent dental practices; (3) as a result of the foregoing, Defendants’ statements about Patterson’s business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.

On August 6, 2018, the Court expressed an interest for competing lead plaintiff movants to work together as co-lead plaintiffs. As a result, on August 20, 2018,  Plymouth County Retirement System, Pembroke Pines Fund for Firefighters and Police Officers and Central Laborers joined Gwinnett County Public Employees Retirement System in a Joint Stipulation and Proposed Order seeking appointment as co-lead plaintiffs.

Once the Court enters the Proposed Order, Plaintiffs' counsel will confer with the Defendants' counsel to schedule the filing of the amended complaint.

Action Details

View Press Release

View Complaint (pdf)

Send Information

If you have information regarding this case that you would like to make available, please click here to contact us.