VTRS.US
id: 1171
Viatris (VTRS) $16M Shareholder Settlement
It is still possible to file a late claim. The court will decide whether to accept late claims or not.
GD-21-13314
Case number17 Nov 2020
Class period Start28 Feb 2022
Class period End02 Jul 2024
Claim deadlineViatris (VTRS) agreed to settle $16M with investors to end claims over the misrepresentations in the Mylan merger case.
Case Details:
In November 2020, during the merger, Viatris issued approximately 560M new shares of $VTRS to former Mylan shareholders.
However, Viatris was accused that its Registration Statement misled about the following facts:
- Viatris exaggerated its financial health and dividend policies.
- The Registration Statement didn't mention Viatris's worsening situation in China due to government-mandated price cuts.
- It also didn't reveal the significant impact of generic competitors on Viatris's Lyrica sales in Japan, despite prior expectations of a delayed loss of exclusivity.
Despite the supposed misrepresentations in the Registration Statement, Viatris completed the merger.
After that, when the truth came out, $VTRS dropped, resulting in a decline of over $1B from the offering price.
Viatris has now decided to end all allegations related to the Mylan merger by paying a $16M settlement to investors.
Case Status
Accepting Late Claims
Alleged Offence
Mismanagement,
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Plaintiffs
Rajesh Patel
Attorneys
Scott+Scott Attorneys at Law LLP
Defendants
Michael Goettler, Sanjeev Narula, Bryan Supran, Margaret M. Madden, Douglas E. Giordano, Robert J. Coury, Ian Read, and James Kilts
Judge
Layn R. Phillips
Administrator
A.B. Data Ltd
Court hearing date
12 June 2024
Exclusion deadline
13 May 2024
Objection deadline
22 May 2024
Trades matching type
FIFO
+$16,000,000
Cash Settlement Amount