STEVENSON, Md., Dec. 23, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Teva Pharmaceutical Industries Limited ("Teva" or the "Company") (NYSE:TEVA) securities during the period between January 1, 2012 and October 29, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Teva Pharmaceutical Industries Limited securities purchased on or after January 1, 2012, and held through the revelation of negative information on October 30, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at email@example.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than a deadline which is not yet certain but approximately 60 days from the date hereof and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that there was significant internal discord between the Board of Directors of Teva and Teva's senior management (particularly between the Company's CEO, Dr. Jeremy Levin, and its Chairman, Phillip Frost) concerning execution of Company strategies, including its cost-cutting programs. According to the complaint, following the Company's October 30, 2013 disclosure that Dr. Levin would be resigning as CEO of the Company due to differences between Dr. Levin and the Board, just two days after Dr. Levin had denied that he was considering resigning, the value of Teva shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616