This lawsuit is for anyone who acquired securities in Mallinckrodt Public Limited Company (NYSE: MNK) from July 14, 2014 through January 18, 2017.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, during the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by failing to disclose that the long-term sustainability of Mallinckrodt’s revenues for HP Acthar Gel, the only FDA-approved adrenocorticotropic hormone preparation was compromised. The Company failed to disclose that had engaged in anticompetitive practices to obtain a monopoly for the drug, and that once the government learned of the Company's illegality, the government, though Medicare and Medicaid, might take action to limit the price taxpayers paid for the drug.
On November 9, 2016 and November 16, 2016, Citron Research published reports stating that the Company lied about the percentage of revenue that it received from Medicare and Medicaid, stating that the Company received 50% of its revenue from the government when the Company had stated that it only received 25% of its revenue from the government. On the news on each date, the price of the Company's stock dropped precipitously on unusually heavy trading volume. Then, on November 29, 2016, the Company admitted that its reliance on Medicare and Medicaid was in excess of 33%. On this news, the price of the Company's stock again dropped precipitously on unusually heavy trading volume. Finally, on January 18, 2017, the FTC announced that the Company agreed to pay it and several states $100 million dollars to settle claims the governments brought against the Company for anticompetitive practices. On this news, the price of the Company's stock again dropped precipitously on unusually heavy trading volume.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Mallinckrodt Public Limited Company (NYSE: MNK) from July 14, 2014 through January 18, 2017 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
Join the Class Action
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Last Name: *
If Representing an Institution, Name of Institution:
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I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
if detailed below.
6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
directly relating to the representation of the class.
agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.