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SAN FRANCISCO, March 10, 2017 -- Hagens Berman Sobol Shapiro LLP reminds investors in Mallinckrodt PLC (NYSE:MNK) of the March 27, 2017 Lead Plaintiff deadline and alerts them to the Company’s receipt of a subpoena from the SEC.
If you purchased or otherwise acquired securities of MNK between November 25, 2014 and January 18, 2017 and suffered over $50,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/MNK
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing [email protected].
Beginning in late 2014, MNK allegedly made assurances to investors that its drug, Acthar, produced sustainable revenues that were mostly attributable to sources other than Medicare and Medicaid.
However, on November 16, 2016, a Citron Research report revealed that the percentage of Acthar 2014 and 2015 revenues attributable to Medicare alone was over 45% and 48%, respectively. Citron also reported that the total percentage of Acthar 2014 and 2015 revenues attributable to both Medicare and Medicaid was over 60% and 61%, respectively. This news drove the price of MNK shares down over 18%.
In January 2017 the Company received a subpoena from the SEC for documents related to MNK’s public statements, filings and other disclosures regarding Acthar sales, profits, revenue, promotion and pricing.
On January 18, 2017, the U.S. Federal Trade Commission announced that MNK would pay $100 million to settle charges that Acthar revenues were the product of an illegal monopoly. This news drove the price of MNK down over 5%.
“We’re evaluating management’s knowledge about revenue sources and omissions concerning when the FTC commenced its investigation into the unlawful practices and the subjects of the SEC’s inquiry,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding MNK should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email [email protected].
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact: Reed Kathrein, 510-725-3000
