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Mylan N.V.

CASE CAPTION     In re Mylan N.V. Securities Litigation
COURT United States District Court for the Western District of Pennsylvania
CASE NUMBER 2:20-cv-00955-NR
JUDGE Honorable J. Nicholas Ranjan
PLAINTIFF Public Employees’ Retirement System of Mississippi (“MPERS”)
DEFENDANTS Mylan N.V. (“Mylan” or the “Company”), Heather Bresch, Rajiv Malik, Anthony Mauro, and Kenneth Parks
CLASS PERIOD February 16, 2016 through May 7, 2019, inclusive

This securities fraud class action involves claims against Mylan (n/k/a Viatris Inc.), the world’s second largest generic drug manufacturer, and its CEO Heather Bresch, President Rajiv Malik, and CFO Kenneth Parks. The case arises out of Defendants’ scheme and misrepresentations regarding rampant abuses of federal quality control regulations, including at Mylan’s flagship Morgantown, West Virginia manufacturing plant. As is alleged in the complaint, Defendants’ scheme involved directing employees to circumvent data safety and quality regulations, including through manipulating drug testing results to achieve passing scores and corrupting testing data to create the false appearance of compliance. Defendants carried out this scheme to boost Mylan’s manufacturing productivity, and thus profits, while assuring the investing public that its manufacturing methods complied with FDA standards.

Defendants’ misrepresentations and scheme came to light through a series of corrective disclosures, which, together, caused the price of Mylan’s common stock to fall by over 50%. The complaint alleges that the relevant truth about Defendants’ deceptive conduct began to come to light in June 2018 when Bloomberg publicly revealed the FDA’s findings of Morgantown’s noncompliant manufacturing practices. The complaint alleges that investors continued to learn the truth of Mylan’s violative and deceptive manufacturing practices in subsequent disclosures in August 2018 and February and May 2019 that concerned the company’s efforts to remediate the Morgantown facility.

In November 2020, Lead Plaintiff filed the 137-page complaint alleging Defendants’ violations of the securities laws. In January 2021, Defendants moved to dismiss the complaint. Following the completion of briefing on Defendants’ motion to dismiss and oral argument, on May 18, 2023, the Court issued an opinion and order denying the motion to dismiss in part. On June 20, 2023, Lead Plaintiff moved to clarify the Court’s opinion and order. On July 17, 2023, Defendants moved for judgment on the pleadings arguing that the claims sustained in the Court’s opinion and order fail as a matter of law.  Lead Plaintiff’s motion to clarify and Defendants’ motion for judgment on the pleadings are currently pending before the Court.

Read Consolidated Class Action Complaint Here

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