BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming March 27, 2017 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Mallinckrodt Public Limited Company (“Mallinckrodt” or the “Company”) (NYSE: MNK) securities between November 25, 2014 and January 18, 2017, inclusive (the “Class Period”). Mallinckrodt investors have until March 27, 2017 to file a lead plaintiff motion.
On January 18, 2017, the Federal Trade Commission (“FTC”) announced that Mallinckrodt had agreed to pay $100 million to settle FTC charges that the Company violated antitrust laws when its subsidiary acquired the rights to a drug that threatened its monopoly in the U.S. market for adrenocorticotropic hormone drugs. On news of the settlement, Mallinckrodt’s share price fell $2.89, or 5.85%, to close at $46.53 on January 18, 2017.
According to the Complaint, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose (1) the long-term sustainability of Mallinckrodt’s revenues for HP Acthar Gel (“Acthar”), the only FDA-approved adrenocorticotropic hormone preparation; (2) that Acthar’s monopoly status was the product of unlawful anticompetitive practices; and that, (3) increasing reliance on Medicare and Medicaid meant that Mallinckrodt’s monopolistic Acthar revenue would be threatened if the government took action to limit the price paid for this drug by taxpayers.
If you purchased Mallinckrodt shares, you may move the Court no later than March 27, 2017 to request appointment as lead plaintiff. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.