Mallinckrodt Securities Litigation

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Mallinckrodt Securities Litigation
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The information contained on this web page is only a summary of information presented in more detail in the Notice of Class Action, Proposed Settlement, Motion for Attorneys’ Fees and Expenses, and Settlement Hearing (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional information.

If you are a Settlement Class Member, your legal rights will be affected by this Settlement whether you act or do not act. 

Please read the Notice carefully

IF YOU PURCHASED OR OTHERWISE ACQUIRED MALLINCKRODT PLC COMMON STOCK DURING THE PERIOD FROM OCTOBER 6, 2015 THROUGH NOVEMBER 6, 2017, INCLUSIVE (THE “SETTLEMENT CLASS PERIOD”) AND WERE DAMAGED THEREBY, YOU MAY BE ENTITLED TO A PAYMENT FROM A CLASS ACTION SETTLEMENT.

YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:

ACTIONS YOU MAY PURSUE

EFFECT OF TAKING THIS ACTION

SUBMIT A PROOF OF CLAIM AND RELEASE FORM POSTMARKED NO LATER THAN OCTOBER 27, 2022.

This is the only way to get a payment from the Settlement.  The Proof of Claim and Release Form is available here.  

 

EXCLUDE YOURSELF FROM THE CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION POSTMARKED NO LATER THAN JUNE 28, 2022.

Get no payment from the Settlement.  This is the only option that allows you to ever be part of any other lawsuit against the Defendants and Released Defendant Parties concerning the claims that were, or could have been, asserted in this case.  It is also the only way for Class Members to remove themselves from the Class. 

If you are considering excluding yourself from the Class, please note that there is a risk that new claims asserted against the Defendants may no longer be timely and could be time-barred.  See page 10 of the Notice.

 

OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION POSTMARKED NO LATER THAN JUNE 28, 2022.

Write to the Court and explain why you do not like the Settlement, the proposed Plan of Allocation, and/or the request for attorneys’ fees and reimbursement of expenses.   In order to object, you must remain a member of the Class, may not exclude yourself, and you will be bound by the Court’s determinations.

ATTEND THE HEARING ON JULY 28, 2022 AT 10:00 A.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS POSTMARKED NO LATER THAN JUNE 28, 2022.

Ask to speak in Court about the fairness of the Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and reimbursement of expenses.

DO NOTHING.

Get no payment.  Remain a Class Member.  Give up your rights.  Still be bound by the terms of the Settlement.

 

The Settlement Hearing

A hearing will be held on July 28, 2022 at 10:00 a.m., before the Honorable Dabney L. Friedrich at the United States District Court for the District of Columbia, 333 Constitution Avenue, Courtroom 14,  Washington D.C. 20001, or as may be undertaken via a remote proceeding such as Zoom or by telephone. The Court may change the date of the Settlement Hearing without providing another notice.  Class Members should check the Settlement Class website in advance of the Settlement Hearing to determine whether that hearing will occur in person at the United States District Court for the District of Columbia or via a remote link or teleconference.  You do NOT need to attend the Settlement Hearing to receive a distribution from the Net Settlement Fund.    

What is this case about?

Lead Plaintiff alleged that the Defendants violated Section 10(b) and 20(a) of the Securities Exchange Act of 1934.   On July 30, 2019, the Court sustained the claims asserted in the Complaint filed by the Lead Plaintiff that Defendants violated the federal securities law by: (1) on October 6, 2015, misrepresenting the portion of Acthar sales attributable to Medicare and Medicaid; (2) in a Form 10-K filed on November 29, 2016, making false statements relating to a Federal Trade Commission investigation; and (3) from January 19, 2017 through August 8, 2017, making a series of false and misleading statements concerning Acthar sales and prospects, including financial and Acthar-related guidance to the market. 

Defendants have denied the claims asserted against them in the Action and deny having engaged in any wrongdoing or violation of law of any kind whatsoever.  Defendants have agreed to the Settlement solely to eliminate the burden and expense of continued litigation. 

The Settlement Benefits

At this time, it is not possible to make any determination as to how much any individual Settlement Class member may receive from the Settlement.

Pursuant to the Settlement, Defendants have agreed to a $65,750,000.00 Settlement. If the Settlement is approved by the Court, the Net Settlement Fund (the Settlement Fund less taxes, notice and administration costs, attorneys’ fees and other litigation expenses that may be awarded by the Court) will be distributed to Settlement Class Members who submit valid Proof of Claim and Release Forms in accordance with the proposed Plan of Allocation.

The Net Settlement Fund will not be distributed unless and until the Court has approved the Settlement and a Plan of Allocation, and the time for any petition for rehearing, appeal or review has expired.

Further Information:

This website and the Notice (available here) summarize the Settlement.  For more details regarding this Settlement please reference the Stipulation and Agreement of Settlement, or other documents filed in the case under the “Court Documents” link on the left.  You may also contact the Claims Administrator or Lead Counsel for further information regarding this Settlement:

Claims Administrator:

Mallinckrodt PLC Securities Litigation

Claims Administrator

c/o A.B. Data

P.O. Box 170707

Milwaukee, WI 53217

Phone: (877) 315-0590

www.MallinckrodtSecuritiesLitigation.com


Lead Counsel:

BARRACK, RODOS & BACINE                

Jeffrey W. Golan

Jeffrey B. Gittleman

3300 Two Commerce Square

2001 Market Street

Philadelphia, PA 19103

JGolan@barrack.com

JGittleman@barrack.com                                                    

 



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