Kessler Topaz Meltzer & Check, LLP Announces a Securities Fraud Class Action Filed Against Viatris Inc. (VTRS)
News provided byKessler Topaz Meltzer & Check LLP
May 26, 2023, 1:30 PM ET
RADNOR, Pa., May 26, 2023 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed in the United States District Court for the Western District of Pennsylvania against Viatris Inc. (“Viatris”) (NASDAQ:VTRS). The action charges Viatris with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of Viatris’s materially misleading statements and omissions to the public, Viatris’s investors have suffered significant losses.
CLICK HERE TO SUBMIT YOUR VIATRIS LOSSES. YOU CAN ALSO CLICK ON THE FOLLOWING LINK OR COPY AND PASTE IN YOUR BROWSER: https://www.ktmc.com/new-cases/viatris-inc?utm_source=PR&utm_medium=link&utm_campaign=vtrs&mktm=r
LEAD PLAINTIFF DEADLINE: JULY 14, 2023
CLASS PERIOD: MARCH 1, 2021 THROUGH FEBRUARY 25, 2022
Kessler Topaz is one of the world’s foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field individually and our firm is both feared and respected among the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
VIATRIS’S ALLEGED MISCONDUCT
At the outset of the Class Period, Viatris announced a multi-phase plan, the first phase of which that would allow it to: (1) create a stable revenue base; (2) realize $1 billion in cost synergies by 2024; and (3) improve cash conversion and free cash flow generation. Defendants claimed that Viatris would achieve its first phase goals through its strong pipeline of new products, including those in its biosimilars business. Defendants further represented that Viatris’s strong pipeline and business development would offset erosion of the company’s base business.
However, contrary to Defendants representations, the company was experiencing significantly more competition in its United States complex generics business than disclosed. As a result, the company was not able to effectively manage its base business erosion or create a stable revenue base. Instead, throughout 2021, Viatris total revenues were declining quarter-over-quarter.
On February 28, 2022, before the market opened, Viatris revealed that it had decided to undertake a global reshaping of its business, announcing that it had entered into an agreement to sell its biosimilars business to Biocon Biologics Limited, and that it was seeking to divest additional business assets to focus on developing products in three core therapeutic areas as part of its reshaping. The same day, Viatris also announced disappointing guidance for fiscal year 2022, attributing the lower-than-expected numbers to competition around key core products and price deterioration in certain markets.
Following this news, Viatris’s stock price fell $3.53, or 24.3%, to close at $11.01 per share on February 28, 2022.
WHAT CAN I DO?
Viatris investors may, no later than July 14, 2023, move the Court to serve as lead plaintiff for the class, through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Viatris investors who have suffered significant losses to contact the firm directly to acquire more information. The class action complaint against Viatris, captioned Taylor v. Viatris Inc., et al Case No. 23-cv-00812, is filed in the United States District Court for the Western District of Pennsylvania before the Honorable Patricia L. Dodge.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
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