An investor in NASDAQ:MYL shares filed a lawsuit over alleged violations of Federal Securities Laws by Mylan NV in connection with certain allegedly false and misleading statements.
Investors who purchased a shares of Mylan NV (NASDAQ:MYL) have certain options and for certain investors are short and strict deadlines running. Deadline: December 12, 2016. NASDAQ:MYL investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The plaintiff alleges on behalf of purchasers of Mylan NV (NASDAQ:MYL) common shares between February 28, 2013 and October 7, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 28, 2013 and October 7, 2016 the defendants made false and/or misleading statements and/or failed to disclose thatMylan N.V. and Mylan Inc. incorrectly classified EpiPen as a generic under the Medicaid Drug Rebate Program, which was financially consequential for federal and state governments as it reduced the amount of quarterly rebates Mylan N.V. and Mylan Inc. owed for EpiPen, that between 2011 through 2015, Mylan N.V. and Mylan Inc. paid a lower rebate of 13% when it should have been paying a higher rebate of 23.1% or more, that the incorrect classification appears to have cost the federal government more than $100 million in the last five years alone, that in turn, Mylan N.V. and Mylan Inc. lacked effective internal controls over financial reporting, and that as a result, Mylan N.V. and Mylan Inc.’s public statements were materially false and misleading at all relevant times. The lawsuit claims that investors suffered damages when these details entered the market.
On October 5, 2016, the Centers for Medicare and Medicaid Services (“CMS”) issued a letter stating that Mylan NV had for years overcharged the U.S. Medicaid health program to buy its EpiPen shot, despite being told that the Company needed to provide bigger discounts under the law. The CMS letter stated that from 2011 to 2015, the U.S. Medicaid health program spent approximately $797 million on EpiPens, including rebates of roughly 13%, rather than the discount of 23.1% that the U.S. should have received. The letter stated that the government has previously “expressly told Mylan that the [EpiPen] product is incorrectly classified.” Shares of Mylan NV (NASDAQ:MYL) declined to as low as $35.94 per share on October 7, 2016.
On October 20, 2016, NASDAQ:MYL shares closed at $37.61 per share.
Those who purchased NASDAQ:MYL shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com