Bragar Eagel & Squire, P.C. reminds investors that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all investors that purchased Mallinckrodt Plc (NYSE: MNK) securities between February 28, 2018 and July 16, 2019 (the Class Period). Investors have until September 24, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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The complaint, filed on July 26, 2019, 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) Acthar posed significant safety concerns that rendered it a non-viable treatment for ALS; (ii) accordingly, Mallinckrodt overstated the viability of Acthar as an ALS treatment; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On July 16, 2019, post-market, Mallinckrodt announced that the Company was permanently discontinuing the PENNANT Trial assessing Acthar’s safety and efficacy as an ALS treatment. Mallinckrodt stated that it decided “to halt the trial after careful consideration of a recent recommendation by the study’s independent Data and Safety Monitoring Board” (“DSMB”), which “was based on the specific concern for pneumonia, which occurred at a higher rate in the ALS patients receiving Acthar Gel compared to those on placebo” and that “the board also mentioned other adverse events specific to this patient population.” On this news, Mallinckrodt’s stock price fell $0.64 per share, or 7.8%, to close at $7.56 per share on July 17, 2019.
If you purchased Mallinckrodt shares during 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 [email protected], or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Mallinckrodt class action please go to https://bespc.com/MNK-2. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.