Recent Securities Litigations
Perrigo Company plc Ordinary Shares (NYSE: PRGO)
Plaintiff's law firm issued a press release on January 3, 2019 announcing the filing of the Complaint. According to the press release, the Complaint alleges that on December 21, 2018, Perrigo issued a Form 8-K disclosing that the Company had received an audit finding letter from the Irish tax authorities on October 30, 2018 asserting "that IP sales transactions… including the sale of Tysabri®, were not part of the trade of Elan Pharma and therefore should have been treated as chargeable gains subject to an effective 33% tax rate, rather than the 12.5% tax rate applicable to trading income."
While Perrigo had disclosed the existence of the audit finding letter to investors on November 8, 2018, the Company failed to disclose material details associated with the audit finding letter at that time.
Following the publication of the December 21, 2018 8-K, Perrigo's stock price plunged almost 25%.