Reckitt (RBGLY) Securities $19.6M Settlement

It is still possible to file a late claim. The court will decide whether to accept late claims or not.

S.D. New York

Court

19-CV-15382

Case number

28 Jul 2014

Class period Start

09 Apr 2019

Class period End

07 Jul 2023

Claim deadline

Reckitt 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

15 July 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

19 July 2023

Exclusion deadline

28 June 2023

Objection deadline

28 June 2023

Hearing deadline

28 June 2023

Trades matching type

FIFO

+$19,600,000

Cash Settlement Amount