SAN DIEGO & DUBLIN--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that a class action complaint was filed against Alkermes plc (NasdaqGS: ALKS). The complaint is brought on behalf of all purchasers of Alkermes securities between February 24, 2015 and November 3, 2017, for alleged violations of the Securities Exchange Act of 1934 by Alkermes' officers and directors. Alkermes is a biopharmaceutical company whose pharmaceutical products are designed to address unmet medical needs of patients in various therapeutic areas worldwide. The company's marketed products include Vivitrol, a treatment for alcohol and opioid dependence.
View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/shareholders-rights-blog/alkermes-plc/
Alkermes Accused of Engaging in Deceptive Marketing Campaign
According to the complaint, Alkermes represented to investors that the company used "customary pharmaceutical company practices to market our product and to educate physicians." However, the complaint alleges that Alkermes systemically engaged in deceptive marketing campaigns to influence policymakers to use Vivitrol in addiction treatment programs over more effective alternatives, causing the company's revenues from Vivitrol to be unsustainable. On June 11, 2017, The New York Times published an article describing Alkermes' aggressive efforts to market Vivitrol while denigrating the efficacy of other addiction treatments, noting that no study had been completed comparing Vivitrol with its less expensive competitors. Then, on November 6, 2017, U.S. Senator Kamala Harris announced the opening of an investigation into Alkermes' sales practices for Vivitrol, stating that Alkermes used paid doctors to promote the drug. Since allegations of Alkermes' deceptive marketing campaign became public, the company's stock has declined over 9%.
Alkermes Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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