Alkermes Plc (NASDAQ:ALKS) Investor Securities Class Action Lawsuit 11/22/2017

If you purchased shares of Alkermes Plc (NASDAQ:ALKS), you have certain options and for certain investors are short and strict deadlines running. Deadline: January 22, 2018. NASDAQ:ALKS investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Alkermes
Case Name: 
Alkermes Shareholder Class Action Lawsuit 11/22/2017
Case Status: 
Lawsuit Filed
Case Status: 
Case Dismissed
Affected Securities
NASDAQ: ALKS
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
11/22/2017
Class Period Begin: 
02/24/2015
Class Period End: 
11/03/2017
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
01/22/2018
Summary: 

March 28, 2019 - The Court issued an Order granting Defendants' Motion to Dismiss and dismissed the case with prejudice.

June 29, 2018 - The defendants filed a Motion to Dismiss the second amended complaint.

May 15, 2018 - A second amended complaint was filed.

March 12,2018 - An amended complaint was filed.

An investor in shares of Alkermes Plc (NASDAQ:ALKS) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Alkermes Plc in connection with certain allegedly false and misleading statements made between February 24, 2015, and November 3, 2017.

Ireland based Alkermes plc is a biopharmaceutical company that is engaged in the researching, developing and commercializing pharmaceutical products that are designed to address medical needs of patients in therapeutic areas. Alkermes Plc reported that its annual Total Revenue increased from $628.34 million in 2015 to $745.69 million in 2016 and that its Net Loss declined from $227.16 million in 2015 to $208.44 million in 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Alkermes Plc (NASDAQ:ALKS) common shares between February 24, 2015, and November 3, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 24, 2015, and November 3, 2017, the Defendants made false and/or misleading statements and/or failed to disclose that Alkermes systemically engaged in deceptive marketing campaigns to influence policymakers to use Vivitrol in addiction treatment programs over more scientifically proven and efficacious alternatives, that the foregoing conduct, when disclosed, would foreseeably subject Alkermes to heightened regulatory and legislative scrutiny, that accordingly, the Company’s revenues derived from Vivitrol during the Class Period were unsustainable, and that as a result of the foregoing, Alkermes shares traded at artificially inflated prices between February 24, 2015, and November 3, 2017, and class members suffered significant losses and damages.

On June 11, 2017, an article was published entitled “Seizing On Opioid Crisis, a Drug Maker Lobbies Hard for its Product.” The article described Alkermes’ aggressive efforts to market Vivitrol while denigrating the efficacy of other addiction treatments.

On November 6, 2017, U.S. Senator Kamala Harris announced that she is opening an investigation into Alkermes's sales practices for its opioid-addiction treatment Vivitrol. Senator Harris specifically stated that the Company "aggressively marketed" its medication, convincing judges and prison officials to use it rather than more proven addiction-treatment products, and spent hundreds of thousands of dollars lobbying policymakers.

Shares of Alkermes Plc (NASDAQ:ALKS) declined on November 10, 2017 to $46.80 per share.