NEW YORK--(BUSINESS WIRE)--
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Alkermes plc (“Alkermes” or the “Company”) (NASDAQ:ALKS) of the January 22, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Alkermes stock or options between February 24, 2015 and November 3, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/ALKS. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected].
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Alkermes securities between February 24, 2015 and November 3, 2017 (the “Class Period”). The case, Gagnon v. Alkermes plc et al, No. 1:17-cv-09178 was filed on November 22, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) the Company engaged in deceptive marketing campaigns to influence policymakers to use Vivitrol, a treatment for alcohol and opioid dependence, in addiction treatment programs over more scientifically proven and efficacious alternatives; (ii) the aforementioned conduct, when disclosed, would subject the Company to heightened regulatory and legislative scrutiny; (iii) consequently, the Company’s revenues derived from Vivitrol during the Class Period were unsustainable; and (iv) as a result, Alkermes shares traded at artificially inflated prices during the Class Period.
Specifically, on June 11, 2017, The New York Times published an article describing the Company’s aggressive efforts to market Vivitrol while denigrating the efficacy of other addiction treatments. On this news, Alkermes’ share price fell from $61.66 per share on June 9, 2017 to a closing price of $59.47 on June 12, 2017—a $2.19 or a 3.55% drop.
Then, on November 6, 2017, U.S. Senator Kamala Harris (“Senator Harris”) announced the opening of an investigation into Alkermes’ sales practices for Vivitrol. Senator Harris stated that the Company “aggressively marketed” its medication, convincing judges and prison officials to use it rather than more proven addiction-treatment products, and spent hundreds of thousands of dollars lobbying policymakers. Furthermore, according to Senator Harris, Alkermes promoted Vivitrol by using a “speaker’s bureau composed of doctors paid to promote the drug.” On this news, Alkermes’ share price fell from $50.99 per share on November 3, 2017 to a closing price of $48.76 on November 6, 2017—a $2.23 or a 4.37% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Alkermes’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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