Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Viatris Inc. (VTRS)

Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Viatris Inc. (VTRS)

NEW YORK, May 17, 2023 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Western District of Pennsylvania on behalf of all persons or entities who purchased the securities of Viatris Inc. (“Viatris” or the “Company”) (NASDAQ: VTRS) between March 1, 2021 and February 25, 2022, both dates inclusive (the “Class Period”).

According to the lawsuit, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company was experiencing significantly more competition in its United States complex generic business than disclosed; (ii) the Company was not able to effectively manage its base business or create a stable revenue base; (iii) despite being one of the Company’s only growth drivers, the Company was actively planning to divest its biosimilar business to secure enough cash to let Viatris purportedly meet its phase one goals; (iv) the Company was deviating from the business model it touted throughout the Class Period and undertaking a significant global reshaping of its business which would undermine its ability to achieve stable revenue growth; and (v) the Company was anticipating less financial growth moving into 2022.

On February 28, 2022, the Company revealed that, in light of the prolonged failure of its business plan, the Company announced that it had entered into an agreement to sell its biosimilar business to Biocon Biologics Limited. The Company also announced that it was seeking to divest additional business assets and focus on developing products in three core therapeutic areas as part of its global reshaping. The Company further announced lower than expected guidance for fiscal year 2022 and attributed the lower than expected guidance, in part, to competition around key core products and price deterioration in certain markets, including the United States. On this news, the price of the Company’s common stock declined more than 24%, damaging investors.

Investors who purchased or otherwise acquired shares of Viatris should contact the Firm prior to the July 14, 2023 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].

Please visit our website at http://www.gme-law.com for more information about the firm.