SAN FRANCISCO--(BUSINESS WIRE)--
The law firm of Lieff Cabraser Heimann & Bernstein, LLP reminds investors of the upcoming deadline to move for appointment as lead plaintiff in the class action that has been filed on behalf of investors who purchased the American Depositary Shares (“ADSs”) of Reckitt Benckiser Group plc (“RB Group” or the “Company”) (OTC BB: RBGLY) between July 28, 2014 and April 9, 2019, inclusive (the “Class Period”).
If you purchased the ADSs of RB Group during the Class Period, you may move the Court for appointment as lead plaintiff by no later than September 13, 2019. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the actions.
RB Group investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
RB Group is a consumer and healthcare company based in the United Kingdom.
The action alleges that during the Class Period, defendants perpetrated a scheme to facilitate opiate abuse among consumers and mislead investors regarding the health and safety risks of RB Group’s product Suboxone Film, in order to boost Company profits.
Specifically, the action alleges that in order to maintain and grow profits after the introduction of generic competitors to the Company’s product Suboxone Tablets, senior executives at RB Group devised a plan to switch prescribers from Suboxone Tablets to the Company’s new proprietary treatment, Suboxone Film. RB Group executives planned and advanced a marketing campaign that touted the purported safety benefits of Suboxone Film over Suboxone Tablets, in order to prevent competition from generic manufacturers of the tablets. Central to this campaign was the fabrication of safety concerns regarding existing treatments in order to delay the entry and approval of generic alternatives to Suboxone Tablets.
On July 24, 2017, RB Group announced that it had recorded a £318 million charge in the second quarter of 2017 in connection with ongoing U.S. Department of Justice (“DOJ”) and U.S. Federal Trade Commission investigations into the operations of its former division Reckitt Benckiser Pharmaceuticals, Inc. (“Reckitt Pharma”), which had been spun off into a subsidiary of RB Group in December 2014. On this news, the price of RB Group ADSs declined $1.01 per share, or 4.73%, from the closing price on the previous trading day, to close at $20.34 per share.
On February 19, 2018, RB Group announced that it had recorded another charge of £296 million due to the investigations, and that the California Department of Insurance had joined the investigations. On this news, the price of RB Group ADSs fell $2.04 per share, or 10.85%, from the closing price on February 16, 2018, the previous trading day, to close at $16.76 per share on February 20, 2018, the next trading day.
On April 9, 2019, the DOJ filed a criminal indictment against Reckitt Pharma, which detailed extensive misconduct both prior to and after its spin-off from RB Group, in connection with a multi-billion-dollar scheme to defraud the public through the marketing and sale of Suboxone Film. On this news, the price of RB Group ADSs fell $1.03 per share, or 6.09%, to close at $15.87 per share on April 10, 2019, the following trading day.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In late 2016, Benchmark Litigation named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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