LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz reminds investors of the upcoming June 3, 2025 deadline to participate as a lead plaintiff in the securities fraud class action lawsuit filed on behalf of investors who acquired Viatris Inc. (“Viatris” or the “Company”) (NASDAQ: VTRS) securities between August 8, 2024, to February 26, 2025, inclusive (the “Class Period”).
IF YOU ARE AN INVESTOR WHO LOST MONEY ON VIATRIS INC. (VTRS), CLICK HERE TO PARTICIPATE IN THE SECURITIES FRAUD LAWSUIT.
What Happened?
On December 23, 2024, Viatris disclosed that “following an inspection by the U.S. FDA” at the Company’s manufacturing facility in Indore “the Agency has issued a Warning Letter, and an Import Alert related to this facility” which “affects 11 actively distributed products that will no longer be accepted into the U.S. until the Warning Letter is lifted.”
Then, on February 27, 2025, Viatris released its fourth quarter and full year 2024 financial results, reporting, among other things, financial guidance metrics for fiscal year 2025 with “anticipated negative impact from the Indore facility of ~$500 million to total revenues and ~$385 million to adjusted EBITDA.”
On this news, Viatris’ stock price fell $1.71, or 15.2%, to close at $9.53 per share on February 27, 2025, thereby injuring investors.
What Is The Lawsuit About?
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Viatris’ efforts to downplay the ramifications of the Indore facility’s failed FDA inspection fell short of reality; (2) the impact to the Company’s projected fiscal year 2025 finances from the combination of the ongoing remediation efforts at the facility, the inability for the facility to manufacture and ship key products for the Company, particularly Lenalidomide, the inability for Viatris to convince the FDA to expand the exempt list to include such drugs, and an associated impact on shipments to other regions from the Indore facility was significant and resulted in much more than “a little bit” of a headwind; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Viatris securities between August 8, 2024, to February 26, 2025, the deadline to seek appointment as the lead plaintiff in the securities fraud class action is June 3, 2025.
Contact Us To Participate or Learn More:
If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact us:
Frank R. Cruz
The Law Offices of Frank R. Cruz,
2121 Avenue of the Stars, Suite 800,
Century City, California 90067
Email us at: [email protected]
Call us at: 310-914-5007
Visit our website at www.frankcruzlaw.com
Follow us for updates on Twitter: twitter.com/FRC_LAW
If you inquire by email, please include your mailing address, telephone number, and number of shares purchased.
To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
[email protected]
www.frankcruzlaw.com
