Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Mallinckrodt plc To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Mallinckrodt plc (“Mallinckrodt” or the “Company”) (NYSE: MNK) of the September 24, 2019 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 Mallinckrodt stock or options between February 28, 2018 and July 16, 2019 and would like to discuss your legal rights, please fill out the form below. 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@example.com.
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 Mallinckrodt Avalanche securities between February 28, 2018 and July 16, 2019 (the “Class Period”). The case, Strougo v. Mallinckrodt Public Limited Company, No. 1:19-cv-07030 was filed on July 26, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making materially false and/or misleading statements and/or failing to disclose that: (1) Acthar posed significant safety concerns that rendered it a non-viable treatment for ALS; (2) accordingly, Mallinckrodt overstated the viability of Acthar as an ALS treatment; and (3) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Specifically, on July 16, 2019, post-market, Mallinckrodt announced that the Company was permanently discontinuing the PENNANT Trial, assessing Acthar’s safety and efficacy as an ALS treatment. 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”), which “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 that “the board also mentioned other adverse events specific to this patient population.”
On this news, Mallinckrodt’s stock price fell from $8.20 on July 16, 2019 to $7.56 on July 17, 2019—a $0.64 or a 7.80% drop.
Mallinckrodt plc (MNK)
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Filed on 07/29/2019
Ticker NYSE: MNK
Lead Plaintiff Deadline 09/24/2019
685 Third Avenue 26th Floor
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Phone (212) 983-9330
Fax (212) 983-9331
Richard W. Gonnello firstname.lastname@example.org Phone (212) 983-9330 Fax (212) 983-9331