EpiPen maker Mylan NV must face a trimmed-down proposed securities fraud class action accusing it of misleading investors about how it was allegedly overcharging Medicaid for EpiPen purchases and engaging in other anti-competitive conduct, a New York federal judge ruled Wednesday.
U.S. District Judge J. Paul Oetken said that the investors behind the suit had adequately alleged misrepresentations in connection with some, but not all, of the dozens of statements that they had singled out from Mylan and its top brass dating from 2012 through 2016.
Judge Oetken also found the investors had in many cases met their burdens of pleading scienter, or fraudulent intent, as well as loss causation. But he dismissed a claim that had been brought under Israeli securities law on behalf of Israeli investors in Mylan, saying Israel's courts were in a better position to handle their claims.
The investors are represented by Jeremy A. Lieberman and Austin P. Van of Pomerantz LLP, Steven J. Toll, Daniel S. Sommers, Laura Posner and Times Wang of Cohen Milstein Sellers & Toll PLLC, and Jacob Sabo of the Law Office of Jacob Sabo.
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