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VTRS.US
id: 725, Created by Stan Vick, Scout
Viatris (VTRS) Case on Misleading
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E.D. Pennsylvania
Court23-CV-00812
Case number- Viatris announced a significant reshaping of its business.
- $VTRS lost 24% or $4 billion of its market capitalization.
- Investors suspect Viatris & its Leaders of misleading.
On February 28, 2022, Viatris Inc. (VTRS) revealed that it had abandoned key components of its phase one plan.
- The Company unexpectedly announced that Viatris had entered into an agreement to sell its biosimilars business to Biocon Biologics Limited.
- The Company also divulged that it was seeking to divest additional business assets and undertake a significant global reshaping of its business, which would focus on developing products in three core therapeutic areas: ophthalmology, gastrointestinal, and dermatology.
On this news, $VTRS dropped over 24% and lost more than $4 billion of its market capitalization, seriously damaging investors.
Taking all previous representations and further unexpected announcements, Investors have reasons to suspect Viatris and its Leaders of multiple misleading and financial misrepresentations, and failing to disclose, specifically :
- the Company was experiencing significantly more competition in its United States complex generics business than disclosed;
- the Company was not able to effectively manage its base business erosion or create a stable revenue base;
- despite being on the Company’s only growth drivers, Viatris was actively planning to divest its biosimilars business in order to secure enough cash to let it purportedly meet its phase one goals;
- Viatris was deviating from the business model it touted and undertaking a significant global reshaping of its business which would undermine its ability to achieve stable revenue growth; and
- the Company was anticipating less financial growth moving into 2022.
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
28 February 2022
Filing date
12 May 2023
Lead Plaintiff Deadline
17 July 2023
Judge
Hon. Marilyn J. Horan