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Globe Newswire 26-May-2023 1:45 AM
Did you lose money on investments in Viatris? If so, please visit Viatris Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or email@example.com to discuss your rights.
NEW YORK, May 26, 2023 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the common stock of Viatris Inc. ("Viatris" or the "Company") (NASDAQ:VTRS) between March 1, 2021 and February 25, 2022, inclusive (the "Class Period"). The lawsuit was filed in the United States District Court for the Western District of Pennsylvania and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
According to the Complaint, Viatris is a self-proclaimed "new kind of global healthcare company" that was formed on November 16, 2020 through a combination of Mylan N.V. and Pfizer Inc.'s Upjohn Business. Viatris researches, develops, manufactures, and sells, inter alia, branded, generic, complex generic, biosimilar, over the counter medicines. The Company touts that its portfolio includes more than 1,400 approved molecules across a wide range of key therapeutic areas.
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, Plaintiff alleges that Defendants failed to disclose that: (i) the Company was experiencing significantly more competition in its United States complex generics business than disclosed; (ii) the Company was not able to effectively manage its base business erosion or create a stable revenue base; (iii) despite being one of the Company's only growth drivers, Viatris was actively planning to divest its biosimilars business in order to secure enough cash to let it purportedly meet its phase one goals; (iv) Viatris was deviating from the business model it touted through the Class Period and undertaking a significant global reshaping of its business which would undermine its ability to achieve stable revenue growth; and (v) the Company was anticipating less financial growth moving into 2022.
On February 28, 2022, before the market opened, Defendants announced that it had entered into an agreement to sell its biosimilars business to Biocon Biologics Limited, which was anticipated to close in the second half of 2022. The Company also divulged that it was seeking to divest additional business assets and undertaking a significant global reshaping of its business.
On this news, Viatris' stock price dropped $3.53, or more than 24%, to a close of $11.01 per share on February 28, 2022.
If you wish to serve as lead plaintiff, you must move the Court no later than July 14, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Viatris common stock, and/or would like to discuss your legal rights and options please visit Viatris Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or firstname.lastname@example.org.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2023 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Bernstein Liebhard LLP