Indivior PLC (OTC: INVVY) Investor Securities Class Action Lawsuit 04/23/2019

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Company Name(s): 
Indivior
Case Name: 
Indivior Shareholder Class Action Lawsuit 04/23/2019
Case Status: 
Lawsuit Filed
Affected Securities
OTC: INVVY
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
04/23/2019
Class Period Begin: 
03/10/2015
Class Period End: 
04/09/2019
Court of Filing: 
U.S. District Court for the District of New Jersey
Deadline To File for Lead: 
06/24/2019
Summary: 

An investor in shares of Indivior PLC (OTC: INVVY) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Indivior PLC in connection with certain allegedly false and misleading statements made between March 10, 2015 and April 9, 2019.

Indivior PLC, together with its subsidiaries, develops, manufactures, and sells buprenorphine-based prescription drugs for the treatment of opioid dependence. Indivior PLC reported that its annual Total Revenue declined from over $1.09 billion in 2017 to over $1.005 billion in 2018 and that its Net Income increased from $58 million in 2017 to $275 million in 2018.

On April 9, 2019, the U.S. Department of Justice announced that a federal grand jury had indicted Indivior Inc. and Indivior PLC “for engaging in an illicit nationwide scheme to increase prescriptions of Suboxone Film, an opioid drug used in the treatment of opioid addiction…” According to a DOJ press release, Indivior is accused of obtaining “billions of dollars in revenue from Suboxone Film prescriptions by deceiving health care providers and health care benefit programs into believing that Suboxone Film was safer, less divertible, and less abusable than other opioid-addiction treatment drugs.”

Shares of Indivior PLC (OTC: INVVY) declined from $33.67 per share in June 2018 to as low as $1.975 per share on April 10, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Indivior PLC (OTC: INVVY) common shares between March 10, 2015 and April 9, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 10, 2015 and April 9, 2019, the defendants made false and/or misleading statements and/or failed to disclose that Indivior and its executives engaged in an illicit nationwide scheme to increase prescriptions of Suboxone Film, that Indivior illegally obtained billions of dollars in revenue from Suboxone Film prescriptions by deceiving health care providers and health care benefit programs, that as a result of the aforementioned misconduct, Indivior would face felony charges, and that due to the foregoing, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.