NEW YORK--(BUSINESS WIRE)--Scott+Scott, Attorneys at Law, LLP (“Scott+Scott”), a national securities and consumer rights litigation firm, is notifying investors that a class action lawsuit has been filed against Alkermes plc (NASDAQ:ALKS) (“Alkermes” or the “Company”) and certain officers, related to alleged violations of federal securities laws. If you purchased shares of Alkermes common stock between February 24, 2015 and November 3, 2017, you are encouraged to a contact a Scott+Scott attorney at (844) 818-6980 for additional information.
Alkermes is a biopharmaceutical company focused on the development of treatments for central nervous system disorders. The Company’s products include Vivitrol, a treatment for alcohol and opioid dependence.
The lawsuit alleges that: (1) Alkermes systemically engaged in deceptive marketing campaigns to influence policymakers to use Vivitrol in addiction treatment programs over more scientifically proven and efficacious alternatives; (2) the foregoing conduct, when disclosed, would foreseeably subject Alkermes to heightened regulatory and legislative scrutiny; (3) accordingly, the Company’s revenues derived from Vivitrol were unsustainable; and (4) as a result, Alkermes shares traded at artificially inflated prices.
On June 11, 2017, The New York Times published an article which described aggressive efforts by Alkermes to market Vivitrol while denigrating the efficacy of other addiction treatments. On this news, Alkermes stock dropped $2.19 per share, or 3.55%, to close at $59.47 on June 12, 2017.
Then, on November 6, 2017, U.S. Senator Kamala Harris announced the opening of an investigation into Alkermes’ sales practices for Vivitrol. Senator Harris said that the Company “aggressively marketed” Vivitrol, convincing judges and prison officials to use it rather than more proven addiction treatments and spent hundreds of thousands of dollars lobbying policymakers. On this news, Alkermes stock dropped $2.23, or 4.37%, to close at $48.76 on November 6, 2017.
What You Can Do
If you purchased Alkermes common stock between February 24, 2015 and November 3, 2017, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Rhiana Swartz at (844) 818-6980, or at firstname.lastname@example.org. Investors have until January 22, 2018, to move for lead plaintiff.
About Scott+Scott, Attorneys at Law, LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.