Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Horizon Pharma plc (HZNP)
NEW YORK, March 10, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Horizon Pharma plc ("Horizon" or the "Company") (HZNP) in the United States District Court for the Southern District of New York on behalf of a class consisting of all persons or entities who purchased Horizon securities between March 13, 2014 and February 26, 2016, inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
The Complaint alleges that Defendants made materially false and misleading statements to investors and/or failed to disclose that: (1) Horizon Pharma's Prescriptions Made Easy ("PME") program was set up to artificially inflate the prices of minor differentiation standard retail drugs; (2) sales revenues from drugs sold through Horizon Pharma's PME program could not be sustained at these inflated price levels; (3) Horizon Pharma's use of its PME program exposed Horizon Pharma to increased regulatory risks, and (4) as a result, Horizon Pharma's financial statements were materially false and misleading at all relevant times. When the true details entered the market, the Complaint alleges that the price of the stock dropped sharply and investors suffered damages.
If you wish to serve as lead plaintiff, you must move the Court no later than May 9, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].