NEWTOWN, Pa., Aug. 15, 2024 (GLOBE NEWSWIRE) -- Edelson Lechtzin LLP, a leading class action law firm, announces that investors in Indivior PLC (NASDAQ: INDV) common stock between February 22, 2023, and July 8, 2024, inclusive (the “Class Period”) may seek appointment as lead plaintiff in the pending securities fraud class action lawsuit. A copy of the Complaint can be found HERE.
Investors who purchased Indivior stock during the Class Period may move the U.S. District Court for the Eastern District of Virginia to appoint them as lead plaintiff. The lead plaintiff deadline is October 1, 2024. Please contact Edelson Lechtzin LLP to discuss your investment losses and seeking lead plaintiff status, at 844-696-7492 or by e-mail at elechtzin@edelson-law.com. You can also submit your trading information online HERE.
Background on Indivior PLC
Indivior, headquartered in Chesterfield, Virginia, is a global pharmaceutical company that develops, manufactures, and sells, buprenorphine-based prescription drugs for the treatment of substance use disorders, serious mental illness, and opioid overdoes.
Indivior’s main product, SUBLOCADE, made $630 million in 2023, 58% of their revenue. PERSERIS earned $42 million. In October 2023, they launched OPVEE, a nasal spray for opioid overdose reversal.
The Securities Fraud Claims
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the company’s business, operations, and prospects. Specifically, Defendants: (i) exaggerated their ability to forecast the negative impact of certain legislation on the financial prospects of Indivior products, which was far less capable and effective than they had led investors and analysts to believe; (ii) overstated the economic prospects of SUBLOCADE, PERSERIS, and OPVEE, and this overstated the company’s anticipated revenue and other financial metrics; (iii) knew or recklessly disregarded that because of the negative impact of certain legislation on the economic prospects of Indivior’s products, Indivior was unlikely to meet its own previously issued and repeatedly reaffirmed FY 2024 net revenue guidance, including its FY 2024 net revenue guidance for SUBLOCADE, PERSERIS, and OPVEE; (iv) knew or recklessly disregarded that Indivior was at significant risk of, and was likely to cease all sales and marketing activities related to PERSERIS.
On July 9, 2024, Indivior announced an updated financial outlook that was notable for lowering total net revenue projections to $1.15-$1.215 billion and SUBLOCADE revenue to $765-$805 million. OPVEE estimates dropped to $9-14 million, and the company announced it would stop marketing PERSERIS. On this news, Indivior stock fell $5.15 per share, or 33.57%, to close at $10.19 on July 9, 2024.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: medelson@edelson-law.com
Email: elechtzin@edelson-law.com
Web: www.edelson-law.com
Edelson Lechtzin LLP is a leading class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
