Warner Chilcott Limited (NASDAQ: WCRX) Investor Securities Class Action Lawsuit 11/01/2006

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Company Name(s): 
Warner Chilcott
Case Name: 
Warner Chilcott Shareholder Class Action Lawsuit 11/01/2006
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: WCRX
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
11/01/2006
Class Period Begin: 
09/20/2006
Class Period End: 
09/26/2006
Court of Filing: 
U.S. District Court for the Southern District of New York
Date Settled: 
07/15/2009
Settlement Amount: 
$16,500,000
Deadline to Participate in Settlement: 
04/07/2009
Summary: 

April 3, 2012 - The court ordered the authorization of the distribution of the net settlement fund.

July 15, 2009 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

December 3, 2008 - The court preliminarily approved the settlement.

October 28, 2008 - Parties filed a stipulation of settlement.

May 4, 2007 - The lead plaintiffs filed an amended complaint.

March 21, 2007 - The lead plaintiffs and lead counsel were appointed and all cases were consolidated.

January 22, 2007 - An additional lead plaintiff motion was filed.

January 3, 2007 - Lead plaintiff motions were filed.

November 1, 2006 - An investor in shares of Warner Chilcott Limited (NASDAQ: WCRX) filed a lawsuit in the U.S. District Court for the Southern District of New York against Warner Chilcott Limited over violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between September 20, 2006 and September 26, 2006.

The complaint charges Warner Chilcott Limited and certain of its officers and directors with violations of the Securities Act of 1933. According to the complaint, the Registration Statement issued in connection with the IPO contained untrue statements of material facts, omitted to state other facts necessary to make the statements made not misleading and was not prepared in accordance with the rules and regulations governing its preparation. Specifically, the complaint alleges that the Registration Statement failed to disclose that at the time of the IPO, Warner Chilcott Limited had ceased shipments of Ovcon 35, its top selling birth control pill, thereby eliminating a primary revenue stream for Warner Chilcott Limited.

On September 26, 2006, Warner Chilcott Limited announced developments in a lawsuit brought against it by the Federal Trade Commission and filed a supplement to the Registration Statement in which it disclosed that, among other things, it had ceased shipments of Ovcon 35 in September 2006 when it launched Ovcon Chewable. In response to these disclosures the price of Warner Chilcott Limited (NASDAQ: WCRX) common stock dropped from $15.00 per share to $12.60 per share on extremely heavy trading volume

Warner Chilcott Limited is engaged in the development, manufacture, sale, and marketing of branded prescription pharmaceutical products in women's health care and dermatology primarily in the United States.