Viatris (VTRS) Wins Summary Judgment in New York Securities Class Action
The Company is pleased that the Court agreed with its long-standing position that Plaintiffs’ securities claims, as well as the allegations relating to the marketing, pricing and classification of EpiPen and alleged conduct concerning generic drug pricing on which those securities claims were based, lacked both factual and legal bases.
This ruling is the latest in a series of victories for the Company in connection with claims relating to EpiPen. It follows the
Concerning allegations about EpiPen’s classification for the purposes of the Medicaid Drug Rebate Program, the Court found “[t]here is no evidence in the record to sustain a reasonable inference that [the Company] knew EpiPen was erroneously classified and misled its shareholders despite this”. The Court further found that the Company “acted reasonably in its reliance on CMS statements and other communications in determining how to rebate the EpiPen”.
The Court also found that Plaintiffs’ allegations concerning generic drug price fixing and market allocation failed to address “what economic rationality entails in the generic drug market” and credited the Company’s explanations that its actions were consistent with the “industrial standard”.
The company has always taken its compliance with the law seriously and will continue to vigorously defend itself against any baseless claims brought against it.
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