NEW YORK, NY / ACCESSWIRE / December 28, 2017 / Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Alkermes plc (“Alkermes” or the “Company”) (NASDAQ: ALKS) and certain of its officers, on behalf of shareholders who purchased Alkermes securities between February 24, 2015, and November 3, 2017 both dates inclusive, (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: http://www.bgandg.com/alks.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
Alkermes plc is a biopharmaceutical company focused on the development of treatments for central nervous system disorders such as addiction, schizophrenia, depression, and diabetes. The Company’s marketed products include Vivitrol (naltrexone for extended-release injectable suspension), a treatment for alcohol and opioid dependence.
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that: (1) Alkermes systemically engaged in deceptive marketing campaigns to influence policymakers to use Vivitrol in addiction treatment programs over more scientifically proven and efficacious alternatives; (2) the foregoing conduct, when disclosed, would foreseeably subject Alkermes to heightened regulatory and legislative scrutiny; (3) accordingly, the Company’s revenues derived from Vivitrol during the Class Period were unsustainable; and (4) as a result of the foregoing, Alkermes shares traded at artificially inflated prices during the Class Period.
On June 11, 2017, The New York Times published an article entitled, “Seizing On Opioid Crisis, a Drug Maker Lobbies Hard for its Product.” The article described Alkermes’ aggressive efforts to market Vivitrol while denigrating the efficacy of other addiction treatments. Following this news, Alkermes stock dropped $2.19 per share, or 3.55%, to close at $59.47 on June 12, 2017.
Then, on November 6, 2017, U.S. Senator Kamala Harris revealed that she is opening an investigation into the Alkermes sales practices for its opioid-addiction treatment Vivitrol. Senator Harris said that the Company “aggressively marketed” its medication, convincing judges and prison officials to use it rather than more proven addiction treatments and spent hundreds of thousands of dollars lobbying policymakers. Following this news, Alkermes stock dropped $2.23, or 4.37%, to close at $48.76 on November 6, 2017.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm’s site: http://www.bgandg.com/alks, or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Alkermes, you have until January 22, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
SOURCE: Bronstein, Gewirtz & Grossman, LLC
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