(MENAFN- PR Newswire) LOS ANGELES
, June 8, 2023 /PRNewswire/ --
glancy prongay & murray llp ("GPM") announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Viatris Inc. ("Viatris" or the "Company") (NASDAQ: vtrs ).
Class Period: March 1, 2021 – February 25, 2022
Lead Plaintiff Deadline: July 14, 2023
If you wish to serve as lead plaintiff of the Viatris lawsuit, you can submit your contact information at . You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
On February 28, 2022, before the market opened, Viatris revealed that it had decided to undertake a global reshaping of its business, announcing that it had entered into an agreement to sell it biosimilars business to Biocon Biologics Limited and was seeking to divest additional business assets and focus on developing products in three core therapeutic areas as part of its reshaping. The same day, the Company announced disappointing guidance for fiscal year 2022, attributing the lower-than-expected numbers to competition around key core products and price deterioration in certain markets.
On this news, Viatris's stock price fell $3.53, or 24.3%, to close at $11.01 per share on February 28, 2022, thereby injuring investors.
The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors
that: (1) the Company was experiencing significantly more competition in its United States complex generics business than disclosed; (2) the Company was not able to effectively manage its base business erosion or create a stable revenue base; (3) despite being one of the Company's only growth drivers, Viatris was actively planning to divest its biosimilars business in order to secure enough cash to let it purportedly meet its phase one goals; (4) Viatris was deviating from the business model it touted through the Class Period and undertaking a significant global reshaping of its business which would undermine its ability to achieve stable revenue growth; (5) the Company was anticipating less financial growth moving into 2022; and (6) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
Follow us for updates on linkedin , twitter , or facebook .
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 Charles Linehan, 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 [email protected] , or visit our website at .
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.
SOURCE Glancy Prongay & Murray LLP