STEVENSON, Md., May 02, 2016 (GLOBE NEWSWIRE) -- The securities litigation law firm of 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 Horizon Pharma plc (Nasdaq:HZNP) (“Horizon” or the “Company”) securities during the period between March 13, 2014 and February 26, 2016, inclusive (the “Class Period”). Investors with losses in excess of $100,000 who wish to become proactively involved in the litigation have until May 9, 2016 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in Horizon securities purchased on or after March 13, 2014 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. 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 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company securities during the Class Period. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
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 Horizon’s Prescriptions Made Easy (“PME”) program was designed to artificially inflate the prices of minor differentiation standard retail drugs, the sales revenues from drugs sold through Horizon’s PME program were unsustainable at the inflated price levels, the use of its PME program left the Company subject to increased regulatory risks, and Horizon received a subpoena from the Office of the U.S. Attorney for the Southern District of New York in November 2015 (“U.S. Attorney”).
According to the complaint, on February 29, 2016, Horizon disclosed in its 2015 annual report that the Company received a subpoena in November 2015 from the U.S. Attorney related to the PME program, and following the February 29, 2016 disclosure, the value of Horizon shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. 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.