Pomerantz Law Firm Announces the Filing of a Class Action against Allergan plc and Certain Officers – AGN

NEW YORK, Nov. 08, 2016 -- Pomerantz LLP announces that a class action lawsuit has been filed against Allergan plc (“Allergan” or the “Company”) (NYSE:AGN) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 16-cv-08661, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Allergan securities between February 25, 2014 and November 2, 2016, both dates inclusive (the “Class Period”), seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.

If you are a shareholder who purchased Allergan securities during the Class Period, you have until January 3, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased. 

[Click here to join this class action]

Allergan, a specialty pharmaceutical company, develops, manufactures, markets, and distributes medical aesthetics, biosimilar, and over-the-counter pharmaceutical products worldwide. The Company was formerly known as Actavis plc and changed its name to Allergan plc in June 2015 after acquiring Allergan Inc. The Company’s common stock has traded under the ticker symbol “AGN” since June 15, 2015. Prior to June 15, 2015, the common stock of Actavis plc traded on the NYSE under the ticker symbol “ACT”.

On July 26, 2015, Allergan entered into a master purchase agreement, under which Teva Pharmaceutical Industries Ltd. agreed to acquire Actavis, the Company’s global generic pharmaceuticals business unit. On August 2, 2016, the companies announced the completion of the acquisition.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Allergan’s Actavis unit and several of its pharmaceutical industry peers colluded to fix generic drug prices; (ii) the foregoing conduct constituted a violation of federal antitrust laws; (iii) consequently, Allergan’s revenues during the Class Period were in part the result of illegal conduct; and (iv) as a result of the foregoing, Allergan’s public statements were materially false and misleading at all relevant times. 

On November 3, 2016, media outlets reported that U.S. prosecutors might file criminal charges by the end of 2016 against Actavis and several other pharmaceutical companies for unlawfully colluding to fix generic drug prices.

On this news, Allergan’s share price fell $9.07, or 4.58%, to close at $188.82 on November 3, 2016.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]