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Kuwait Accuses Perrigo of Hyping Omega Deal, Fixing Drug Prices

March 31, 2020, 7:29 PM

Kuwait’s sovereign wealth fund sued Perrigo Co. in New Jersey federal court Tuesday, claiming the drugmaker misled investors about a major acquisition and hid a price-fixing scheme, first to fend off a hostile takeover by Mylan NV and later to pump up its stock after the buyout failed.

The lawsuit also targets Perrigo ex-CEO Joseph C. Papa and its former chief financial officer, Judy L. Brown. It accuses them of violating securities laws by falsely touting revenue “synergies” the company expected to realize from its $4.5 billion acquisition of Ireland-based Omega Pharma NV.

Perrigo and its leadership promised seamless growth...

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