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Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Mallinckrodt plc

Published : Thursday, August 15, 2019, 9:42 am
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LOS ANGELES--(BUSINESS WIRE)--$MNK--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming September 24, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of Mallinckrodt plc (“Mallinckrodt” or the “Company”) (NYSE: MNK) investors who purchased securities between February 28, 2018 and July 16, 2019, inclusive (the “Class Period”).


If you are a shareholder who suffered a loss, click here to participate.

If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.

On July 16, 2019, post-market, Mallinckrodt revealed that the Company “is permanently discontinuing its Phase 2B study designed to assess the efficacy and safety of Acthar® Gel (repository corticotropin injection) as an investigational treatment for amyotrophic lateral sclerosis (ALS).” Mallinckrodt stated that it decided “to halt the trial after careful consideration of a recent recommendation by the study’s independent Data and Safety Monitoring Board (DSMB).” This “was based on the specific concern for pneumonia, which occurred at a higher rate in the ALS patients receiving Acthar Gel compared to those on placebo,” and “other adverse events specific to this patient population.”

On this news, Mallinckrodt’s stock price fell $0.64 per share, or nearly 8%, to close at $7.56 per share on July 17, 2019, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Acthar posed significant safety concerns that rendered it a non-viable treatment for ALS; (2) that, accordingly, Mallinckrodt overstated the viability of Acthar as an ALS treatment; and (3) that, as a result, the Company’s public statements were materially false and misleading at all relevant times.

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If you purchased or otherwise acquired Mallinckrodt securities during the Class Period you may move the Court no later than September 24, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.


Contacts

Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com



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