SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP reminds investors of the upcoming deadline to move for appointment as lead plaintiff in securities class litigation brought on behalf of investors who purchased or otherwise acquired the securities of Horizon Pharma PLC (“Horizon” or the “Company”) (NASDAQ:HZNP) between March 13, 2014 and February 26, 2016, inclusive (the “Class Period”).
If you purchased or acquired Horizon securities during the Class Period, you may move the court for appointment as lead plaintiff by no later than May 9, 2016. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
The action alleges that Horizon’s use of pharmacy benefit managers (“PBMs”) and the Company’s Prescriptions-Made-Easy (“PME”) plan was not a sustainable business practice and left Horizon vulnerable to regulatory scrutiny.
On September 23, 2015, Express Scripts Holding Co. – the second largest U.S. PBM – publicly described Horizon’s price increases as “profiteering.” On this news, Horizon’s stock price dropped $1.90 per share, to close at $23.79 per share on September 24, 2015.
On October 19, 2015, The New York Times published an article criticizing Horizon’s business model and PME Program. On this news, the Company’s stock price fell $3.81 per share, to close at $15.26 per share on October 20, 2015.
On October 22, 2015, specialty pharmaceutical company Depomed, Inc. issued a statement describing its rejection of an exchange offer from Horizon and detailing: (1) why Horizon’s price increases were not sustainable; (2) how many of Horizon’s drugs had been removed from the largest PBM; and (3) how the PME Program damaged Horizon’s realized net sales as a percentage of gross sales. On this news, Horizon’s stock price dropped $1.71 per share, to close at $13.12 per share on October 22, 2015.
Finally, on February 29, 2016, Horizon disclosed that it had received a subpoena from the U.S. Attorney’s Office for the Southern District of New York regarding the Company’s use of financial assistance to help patients pay for the Company’s drugs, as well as its sales and marketing activities and relationship with pharmacies. On this news, Horizon’s stock price declined $2.63 per share, to close at $17.16 per share on February 29, 2016, on extraordinarily high trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP is a nationally recognized law firm committed to advancing investor rights and promoting corporate responsibility.
For thirteen years, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs’ law firms in the nation. Best Lawyers and U.S. News have also named Lieff Cabraser as a “Law Firm of the Year” each year the publications have given this award to law firms.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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