SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Viatris Inc. (NASDAQ: VTRS) common stock between March 1, 2021 and February 25, 2022, both dates inclusive (the “Class Period”) have until July 14, 2023 to seek appointment as lead plaintiff of the Viatris class action lawsuit. Captioned Taylor v. Viatris Inc., No. 23-cv-00812 (W.D. Pa.), the Viatris class action lawsuit charges Viatris and several of its top executives with violations of the Securities Exchange Act of 1934.
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CASE ALLEGATIONS: Viatris researches, develops, manufactures, and sells, among other things, branded, generic, complex generic, and biosimilar over the counter medicines.
The Viatris class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Viatris was experiencing significantly more competition in its United States complex generic business than disclosed; (ii) Viatris was not able to effectively manage its base business or create a stable revenue base; (iii) despite being one of Viatris’ only growth drivers, Viatris was actively planning to divest its biosimilar business to secure enough cash to let Viatris purportedly meet its phase one goals; (iv) Viatris was deviating from the business model it touted throughout the Class Period and undertaking a significant global reshaping of its business which would undermine its ability to achieve stable revenue growth; and (v) Viatris was anticipating less financial growth moving into 2022.
On February 28, 2022, Viatris revealed that, in light of the prolonged failure of Viatris’ business plan, Viatris announced that it had entered into an agreement to sell its biosimilar business to Biocon Biologics Limited. Viatris also announced that it was seeking to divest additional business assets and focus on developing products in three core therapeutic areas as part of its global reshaping. Viatris further announced lower than expected guidance for fiscal year 2022 and attributed the lower than expected guidance, in part, to competition around key core products and price deterioration in certain markets, including the United States. On this news, the price of Viatris common stock declined more than 24%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Viatris common stock during the Class Period to seek appointment as lead plaintiff of the Viatris class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Viatris class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Viatris class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Viatris class action lawsuit.
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