|Company name||Alkermes plc|
|Class period||February 24, 2015 – November 3, 2017|
|Lead plaintiff deadline||January 22, 2018|
|Court||Southern District of New York|
NEW YORK, November 27, 2017 – Bragar Eagel & Squire, P.C. reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired Alkermes plc (NASDAQ: ALKS) securities between February 24, 2015 – November 3, 2017 (the “Class Period”). Investors have until January 22, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Alkermes plc is a biopharmaceutical company focused on the development of treatments for central nervous system disorders such as addiction, schizophrenia, depression and diabetes. The Company’s marketed products include Vivitrol (naltrexone for extended-release injectable suspension), a treatment for alcohol and opioid dependence.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Alkermes systemically engaged in deceptive marketing campaigns to influence policymakers to use Vivitrol in addiction treatment programs over more scientifically proven and efficacious alternatives; (ii) the foregoing conduct, when disclosed, would foreseeably subject Alkermes to heightened regulatory and legislative scrutiny; (iii) accordingly, the Company’s revenues derived from Vivitrol during the Class Period were unsustainable; and (iv) as a result of the foregoing, Alkermes shares traded at artificially inflated prices during the Class Period, and class members suffered significant losses and damages.
On June 11, 2017, The New York Times published an article entitled “Seizing On Opioid Crisis, a Drug Maker Lobbies Hard for its Product.” The article described Alkermes’ aggressive efforts to market Vivitrol while denigrating the efficacy of other addiction treatments.
On this news, Alkermes’ share price fell $2.19, or 3.55%, to close at $59.47 on June 12, 2017.
On November 6, 2017, U.S. Senator Kamala Harris announced the opening of an investigation into Alkermes’ sales practices for Vivitrol. Senator Harris specifically stated that the Company “aggressively marketed” its medication, convincing judges and prison officials to use it rather than more proven addiction-treatment products, and spent hundreds of thousands of dollars lobbying policymakers. According to Harris, Alkermes promoted Vivitrol by using a “speaker’s bureau composed of doctors paid to promote the drug.”
On this news, Alkermes’ share price fell $2.23, or 4.37%, to close at $48.76 on November 6, 2017.
If you purchased or otherwise acquired Alkermes securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.