August 2, 2017 (Shareholders Foundation) - A participant in the Teva Pharmaceutical Industries Ltd’s voluntary and contributory employee benefit plans filed a lawsuit in the United States District Court for the Southern District of Ohio on behalf of purchasers of Teva Pharmaceutical Industries Ltd’s (“Teva”) American Depository Shares (“ADS”) (NYSE:TEVA), between February 9, 2015 and November 3, 2016 (“Class Period”), in Teva Pharmaceutical Industries Ltd’s voluntary and contributory employee benefit plans.
The plaintiff alleges, among other claims, that Teva Pharmaceutical Industries Ltd’s Registration Statement filed with the Securities and Exchange Commission violated Section 11 of the Securities Act of 1933 by omitting material facts and otherwise containing inaccurate, misleading and untrue statements of fact pertaining to Teva Pharmaceutical Industries Ltd’s business and its operational and financial results, and more specifically relating to Teva Pharmaceutical Industries Ltd’s Foreign Corrupt Practices Act (“FCPA”) compliance and the alleged price fixing of generic drugs.
According to news reports, United States prosecutors may file criminal charges against Teva Pharmaceutical Industries Ltd and others by the end of 2016 for suspected price collusion.
It was has reported that the “antitrust investigation by the Justice Department, begun about two years ago, now spans more than a dozen companies and about two dozen drugs, according to people familiar with the matter. The grand jury probe is examining whether some executives agreed with one another to raise prices, and the first charges could emerge by the end of the year, they said.”
The companies identified as targets or relevant parties in the United States investigation include Mylan NV, Teva Pharmaceutical Industries Ltd, Allergan Plc, Lannett Co., Impax Laboratories Inc., Sun Pharmaceutical Industries Ltd., Mayne Pharma Group Ltd., Endo International Plc and Taro Pharmaceutical Industries Ltd.