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Teva Pharmaceutical Industries Limited (NYSE : TEVA)

Securities Class Action

Overview
  • Date:
  • 7/23/2019
  • Company Name:
  • Teva Pharmaceutical Industries Limited
  • Stock Symbol:
  • TEVA
  • Class Period:
  • FROM 8/4/2017 TO 5/19/2019
  • Status:
  • Closed/Complete
  • Court:
  • U.S. District Court: Eastern District of Pennsylvania

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NEW YORK, July 23, 2019– Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of Pennsylvania on behalf of all persons or entities who acquired Teva Pharmaceutical Industries Limited (NYSE : TEVA) securities between August 4, 2017 and May 10, 2019 (the “Class Period”).

The Complaint asserts claims for violations of Sections 10(b) and 15 of the Securities Exchange Act of 1934 against Teva and certain of its senior executives ("Defendants"). The action alleges that throughout the Class Period, Defendants made false and/or misleading statements denying that Teva "engaged in any conduct that would give rise to liability" in various antitrust proceedings and investigations that enveloped the company. In truth, and as Defendants failed to disclose to investors, (i) contrary to its public denials, Teva had in fact engaged in a vast, industry-wide price-fixing scheme and other collusive misconduct since at least 2012; (ii) Teva was not only a participant, but the company at the heart of the anticompetitive scheme; and (iii) several Teva employees had such deep involvement in the scheme that they would ultimately be named personally as defendants in a sweeping civil enforcement action filed by the AGs of virtually every state in the nation. On December 9, 2018, it was publicly disclosed that the scope of the State AG's investigation had expanded greatly to include 300 drugs and at least 16 companies, exposing "the largest cartel in the history of the United States." On this news, the price of Teva ADS fell $0.97 per share or 5%, to close at $18.44 per share on December 10, 2018. On May 10, 2019, a coalition of 44 states filed a 524-page antitrust complaint revealing previously undisclosed facts regarding Teva's participation in the generic drug price-fixing conspiracy. Among other things, the action detailed Teva's role as a "consistent participant" in the conspiracy, implementing price increases on upwards of 110 generic drugs and colluding with competitors regarding over 85 different generic drugs. On this news, the price of Teva ADS fell $2.13 per share or approximately 15%, to close at $12.23 per share on May 13, 2019.

If you acquired Teva securities during the Class Period, have information or 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 Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.

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