NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Mylan N.V. (NASDAQ:MYL) resulting from allegations that Mylan may have issued materially misleading business information to the investing public.
On September 2, 2016, an article was published by Inside Health Policy stating that the Centers for Medicare & Medicaid Services (“CMS”) “informed Mylan that it incorrectly classified EpiPen as a generic under the Medicaid rebate program, which caused financial consequences for federal and state governments by reducing the amount of quarterly rebates Mylan owed for its product.” On this news, shares of Mylan fell $1.95 per share or over 4% to close at $39.97 per share on September 2, 2016.
On October 5, 2016, during aftermarket hours, Bloomberg published an article citing a letter issued by the Acting Administrator of CMS which stated that CMS “has expressly told Mylan that the product [EpiPen] is incorrectly classified. This incorrect classification has financial consequences for the amount that federal and state governments spend because it reduces the amount of quarterly rebates Mylan owes for EpiPen.”
On October 6, 2016, reports were published that the incorrect classification of EpiPen® (“EpiPen”) appears to have cost the federal government more than $100 million in the last five years alone. On this news shares of Mylan fell $2.09 per share, or approximately 5%, over the next two trading days to close at $35.94 per sharea on October 7, 2016.
On October 7, 2016, during aftermarket hours, Mylan announced that it has reached a $465 million settlement with the U.S. Department of Justice and other government agencies that will resolve questions that have been raised about the classification of EpiPen, for purposes of the Medicaid Drug Rebate Program.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Mylan investors. If you purchased shares of Mylan on or before October 7, 2016, please visit the firm’s website at http://www.rosenlegal.com/cases-967.html for more information. You may also contact Phillip Kim or Kevin Chan of Rosen Law Firm toll free at 866-767-3653 or via email at email@example.com or firstname.lastname@example.org.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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