Perrigo Co. PLC investors received preliminary approval for a $97 million class action settlement over allegations that the pharmaceutical company overstated its value to fight a takeover attempt by Mylan NV in 2015 which led to a stock drop.
The investors sued Perrigo in 2016—originally alleging four sets of misrepresentations by the company in the US District Court for the District of New Jersey. But, only two remained—Perrigo’s statements related to the integration and resulting performance of its Omega division and the alleged concealment of anti-competitive practices in its generic drug unit. Mylan’s $26 billion hostile bid for Perrigo Co. ...
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