Perrigo Company PLC

Case Details

Class Period:
November 8, 2018 – December 20, 2018
Date Filed:
January 3, 2019
Case Number:
Southern District of New York

Case Summary

The complaint, filed in the United States District Court Southern District of New York, 500 Pearl Street, New York, NY 10007, captioned Masih v. Perrigo Company plc, et al., Case No. 1:19-cv-00070, alleges that on December 21, 2018, Perrigo issued a Form 8-K disclosing that the Company had received an audit finding letter from the Irish tax authorities on October 30, 2018 asserting "that IP sales transactions including the sale of Tysabri, were not part of the trade of Elan Pharma and therefore should have been treated as chargeable gains subject to an effective 33% tax rate, rather than the 12.5% tax rate applicable to trading income." While Perrigo had disclosed the existence of the audit finding letter to investors on November 8, 2018, the Company failed to disclose material details associated with the audit finding letter at that time. Following the publication of the December 21, 2018 8-K, Perrigo's stock price plunged almost 25%.

On Friday, March 22, 2019, the Court held a hearing with respect to the remaining two lead plaintiff motions. At the end of the hearing, Judge Cote appointed Boca Raton General and Palm Bay P&F as co-lead plaintiffs and Saxena White as lead counsel. 

Under the schedule set by Judge Cote, lead plaintiffs will file an amended complaint by April 12, 2019.


Action Details

View Complaint (pdf)

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