Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, July 11, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Viatris Inc. (“Viatris” or the “Company”) (NASDAQ: VTRS) investors that a lawsuit filed on behalf of investors that purchased Viatris securities between March 1, 2021 and February 25, 2022, both dates inclusive (the “Class Period”).
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
The complaint alleges that the defendants, during the specified period, made false and misleading statements. The plaintiff claims that the defendants failed to disclose several important factors, including increased competition in the company's US complex generics business, the inability to manage base business erosion and create a stable revenue base, the plan to divest the biosimilars business to meet phase one goals, a significant global reshaping of the business that would undermine revenue growth, and anticipated lower financial growth in 2022.
On February 28, 2022, the defendants announced the sale of the biosimilars business to Biocon Biologics Limited, with the closing expected in the second half of 2022. The company also revealed its intention to divest additional business assets and undergo a significant global reshaping.
As a result of this news, Viatris' stock price experienced a sharp decline of $3.53, representing a decrease of more than 24%, and closed at $11.01 per share on February 28, 2022.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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