RBGLY.US
id: 521
Reckitt (RBGLY) Securities $19.6M Settlement
Late claims are being considered for compensation, subject to approval.
S.D. New York
Court1:20-cv-10041
Case number07/28/2014
Class period Start04/09/2019
Class period End07/07/2023
Claim deadlineReckitt Benckiser Group plc (RBGLY) agreed to pay $19.6 million to settle a securities class action lawsuit to avoid further litigation.
The Complaint alleged that before and during the Class Period, Reckitt and its most senior executives perpetrated a scheme, which generated over $3 billion in proceeds, to facilitate opiate abuse among U.S. consumers and mislead investors and the public regarding the health and safety risks of Reckitt’s new key opiate product, Suboxone Film. Specifically, the Complaint alleged that in order to maintain and grow profits, senior executives at Reckitt devised a plan to switch prescribers from Suboxone Tablets to the Company’s new proprietary treatment, Suboxone Film, and that as a result of Defendants' false and misleading statements and/or omissions regarding the scheme to inflate sales of Suboxone Film during the Class Period, Reckitt ADSs traded at artificially inflated prices.
Case Status
Accepting Late Claims
Alleged Offence
Other
Suspected Party
Other
Security Type
Depository Securities (ADS, ADR, GDR)
Trade Direction
Long
Filing date
07/15/2019
Plaintiffs
City of Birmingham Retirement and Relief System
Attorneys
AsherKelly (Southfield, MI), Robbins Geller Rudman & Dowd LLP (Melville, NY), VanOverbeke Michaud & Timmony, P.C. (Detroit, MI)
Defendants
Rakesh Kapoor, Adrian Hennah, Shaun Thaxster, Adrian Bellamy
Judge
Hon. Brian R. Martinotti
Administrator
Gilardi & Co LLC
Court hearing date
07/19/2023
Exclusion deadline
06/28/2023
Objection deadline
06/28/2023
Hearing deadline
06/28/2023
Trades matching type
FIFO
+$19,600,000
Cash Settlement Amount