| COMPANY |
Virtu Financial, Inc. |
| COURT |
United States District Court for the Eastern District of New York |
| CASE NUMBER |
23-cv-03770 |
| JUDGE |
The Hon. Nicholas Garaufis |
| CLASS PERIOD |
March 1, 2019 and April 28, 2023 |
| SECURITY TYPE |
Common Stock |
Case Background:
A class action lawsuit has been filed on behalf of those who purchased or acquired Viatris Inc. ("Viatris") (NASDAQ: VTRS) securities between March 1, 2021 and February 25, 2022, both dates inclusive (the “Class Period”).
At the outset of the Class Period, Viatris announced a multi-phase plan, the first phase of which that would allow it to: (1) create a stable revenue base; (2) realize $1 billion in cost synergies by 2024; and (3) improve cash conversion and free cash flow generation. Defendants claimed that Viatris would achieve its first phase goals through its strong pipeline of new products, including those in its biosimilars business. Defendants further represented that Viatris’s strong pipeline and business development would offset erosion of the company’s base business.
However, contrary to Defendants representations, the company was experiencing significantly more competition in its United States complex generics business than disclosed. As a result, the company was not able to effectively manage its base business erosion or create a stable revenue base. Instead, throughout 2021, Viatris total revenues were declining quarter-over-quarter.
Current Status of Case:
On December 22, 2023, Defendants filed a Motion to Dismiss which is currently being briefed by the parties. This action is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.