Perrigo, Investors Settle for $97 Million Over Failed Mylan Bid

Perrigo Co. PLC investors asked a federal trial court for preliminary approval of a $97 million settlement of allegations that the pharmaceutical company overstated its value to fight a takeover attempt by Mylan NV in 2015, leading to a stock drop.

The agreement “provides a favorable result” for class members who purchased Perrigo’s stock between April 21, 2015, and May 2, 2017, because it “removes the considerable possibility” that the plaintiffs “could recover nothing, particularly in light of the risks and uncertainties of proving their remaining claims at trial and prevailing in inevitable post-trial appeals,” lead plaintiff Perrigo Institutional Investor ...