Saxena White P.A. Files Securities Fraud Class Action Against Teva Pharmaceutical Industries Ltd.
, June 24, 2019
BOCA RATON, FL—(June 24, 2019) - Saxena White P.A. has filed a securities fraud class action lawsuit in the United States District Court for the Eastern District of Pennsylvania against Teva Pharmaceutical Industries Ltd. (“Teva”) (NYSE: TEVA) on behalf of all persons or entities who purchased or otherwise acquired Teva American Depositary Shares (“ADS”) between August 4, 2017 and May 10, 2019, inclusive (the “Class Period”).
If you purchased Teva ADS during the Class Period and wish to apply to be lead plaintiff, a motion on your behalf must be filed with the Court by no later than August 23, 2019. You may contact David Kaplan (firstname.lastname@example.org), an attorney and Director at Saxena White P.A., to discuss your rights regarding the appointment of lead plaintiff or your interest in the class action. You may also retain counsel of your choice and need not take any action at this time to be a class member.
Teva is the world’s largest generic drug manufacturer. Since at least 2014, there has been intense public scrutiny into the rising prices of generic drugs, including Congressional hearings, calls for drug pricing legislation, and prosecutorial investigations. The first such investigation was initiated by the Attorney General (“AG”) of Connecticut in July 2014. Shortly thereafter, the United States Congress and United States Department of Justice each launched similar probes into skyrocketing prices of generic drugs. Since that time, Teva has been subject of intense public scrutiny concerning its alleged involvement in an industry-wide price-fixing scheme and other collusive misconduct in the U.S. generic drug market.
The Complaint asserts claims for violations of Sections 10(b) and 15 of the Securities Exchange Act of 1934 against Teva and certain of its senior executives (“Defendants”). The action alleges that throughout the Class Period, Defendants made false and/or misleading statements denying that Teva “engaged in any conduct that would give rise to liability” in various antitrust proceedings and investigations that enveloped the company. In truth, and as Defendants failed to disclose to investors, (i) contrary to its public denials, Teva had in fact engaged in a vast, industry-wide price-fixing scheme and other collusive misconduct since at least 2012; (ii) Teva was not only a participant, but the company at the heart of the anticompetitive scheme; and (iii) several Teva employees had such deep involvement in the scheme that they would ultimately be named personally as defendants in a sweeping civil enforcement action filed by the AGs of virtually every state in the nation.
On December 9, 2018, it was publicly disclosed that the scope of the State AGs’ investigation had expanded greatly to include 300 drugs and at least 16 companies, exposing “the largest cartel in the history of the United States.” On this news, the price of Teva ADS fell $0.97 per share or 5%, to close at $18.44 per share on December 10, 2018.
On May 10, 2019, a coalition of 44 states filed a 524-page antitrust complaint revealing previously undisclosed facts regarding Teva’s participation in the generic drug price-fixing conspiracy. Among other things, the action detailed Teva’s role as a “consistent participant” in the conspiracy, implementing price increases on upwards of 110 generic drugs and colluding with competitors regarding over 85 different generic drugs. On this news, the price of Teva ADS fell $2.13 per share or approximately 15%, to close at $12.23 per share on May 13, 2019.
You may obtain a copy of the Complaint and join the class action at www.saxenawhite.com.
Saxena White P.A., with offices in Florida, New York, and California, concentrates its practice on prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.
David Kaplan, Esq.
Saxena White P.A.
12750 High Bluff Drive, Suite 475
San Diego, CA 92130
Tel: (858) 987-4073
Fax: (858) 369-0096