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NEW YORK, July 26, 2019 – Pomerantz LLP announces that a clbad proceeding has been commenced against Mallinckrodt plc ("Mallinckrodt" or the "Company" (NYSE: MNK) and certain of its officers. District Court of the United States for the Southern District of New York and indexed under No. 19-cv-7030, concerns a group consisting of all persons and entities who purchased or otherwise acquired securities of Mallinckrodt between February 28, 2018 and July 16, 2019, both dates included (the "Clbad Period"), seeking to recover damages caused by violations of federal securities laws by the defendants and to exercise remedies under paragraphs 10 ( (b) and 20 (a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Corporation and certain of its principals.
If you are a shareholder who has purchased securities of Mallinckrodt during the appeal period, you have until 24 September 2019 to request the Court to appoint you as the principal plaintiff of the action. A copy of the complaint can be obtained at the following address: 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. Persons who inquire by e-mail are asked to provide their mailing address, phone number and the number of shares purchased.
[Click here for information about joining the clbad action]
Mallinckrodt was founded in 1867 and is based in the United Kingdom. The company, together with its subsidiaries, develops, manufactures, markets and distributes specialty pharmaceutical products and therapies in the United States, Europe, the Middle East, Africa and internationally. It operates in two segments, specialty brands, and specialty generics and Amitiza. The company markets its branded products to physicians, pharmacists, pharmacy buyers, hospital purchasing departments, outpatient surgery centers and specialty pharmacies.
Among other products, Mallinckrodt's portfolio includes HP Acthar Gel ("Acthar"), an injectable drug for various indications, such as rheumatoid arthritis, multiple sclerosis, infantile spasms, systemic lupus erythematosus, polymyositis, etc. . During the recourse period, Acthar participated in a Phase 2B trial to evaluate its efficacy and safety as an experimental treatment for amyotrophic lateral sclerosis (ALS).
The complaint alleges that throughout the recourse period, the defendants made false and misleading statements regarding the Company's commercial, operational and compliance policies. Specifically, the defendants made false and / or misleading statements and / or failed to disclose that: (i) Acthar posed significant safety concerns that made it an unsustainable treatment for ALS; (ii) as a result, Mallinckrodt overestimated the viability of Acthar as a treatment for ALS; and (iii) as a result, the public statements of the Company were materially false and misleading at all material times.
On July 16, 2019, after marketing, Mallinckrodt announced that the company was definitively stopping the PENNANT study, badessing the safety and efficacy of Acthar as a treatment for ALS. Mallinckrodt said that he had decided "to stop the trial after carefully considering a recent recommendation of the independent oversight committee for safety and security of the study" ( "DSMB"), which "was based on the specific concern related to pneumonia, which was more common in ALS patients receiving Acthar Gel compared to those on placebo" and that "the board also mentioned other adverse events specific to this patient population ".
On this news, Mallinckrodt's share price fell by $ 0.64 per share, or 7.8%, to $ 7.56 on July 17, 2019.
The firm Pomerantz, with offices in New York, Chicago, Los Angeles and Paris, is recognized as one of the leading law firms in the fields of corporate litigation, securities and antitrust. Founded by the late Abraham L. Pomerantz, known as the dean of the clbad action bar, Pomerantz was a pioneer in the field of clbad actions in securities. Today, more than 80 years later, the firm Pomerantz continues the tradition it has established, fighting for the rights of victims of securities fraud, breach of fiduciary duty and malpractice. . The company has recovered numerous multi-million dollar damages on behalf of clbad members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
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