Lead Plaintiff Deadline 07/14/2023
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Western District of Pennsylvania on behalf of those who acquired Viatris, Inc. (“Viatris” or the “Company”) (NASDAQ: VTRS) securities during the period from March 1, 2021 through February 25, 2022 (the “Class Period”). Investors have until July 14, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Viatris is a global healthcare corporation, focused on producing a broad range of medicines.
On February 28, 2022, Viatris revealed that it had abandoned key components of its phase one plan, which would have allowed it to: (i) create a stable revenue base; (ii) realize $1 billion in cost synergies by 2024; and (iii) improve cash conversion and free cash flow generation. The Company further announced that it had entered into an agreement to sell its biosimilars business to Biocon Biologics Limited and that it was seeking to divest additional business assets and undertaking a significant global reshaping of its business. On this news, the price of Viatris shares declined by $3.53 per share, or approximately 24.28%, from $14.54 per share to close at $11.01 on February 28, 2022.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) the Company was experiencing significantly more competition in its United States complex generics business than disclosed; (ii) the Company was not able to effectively manage its base business erosion or create a stable revenue base; (iii) 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; (iv) 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; and (v) the Company was anticipating less financial growth moving into 2022.