SOURCE: Hagens Berman Sobol Shapiro LLP

Hagens Berman Sobol Shapiro LLP

April 28, 2016 08:30 ET

DEADLINE ALERT: Hagens Berman Reminds Horizon Pharma (NASDAQ: HZNP) Investors of May 9, 2016 Lead Plaintiff Deadline Securities Class Action

SAN FRANCISCO, CA--(Marketwired - April 28, 2016) -  Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm reminds Horizon Pharma PLC (NASDAQ: HZNP) investors of the May 9, 2016 lead plaintiff deadline in the securities fraud class action lawsuit against HZNP regarding misleading statements to its investors about its Prescriptions Made Easy (PME) program.

If you suffered significant losses because of your purchases of Horizon Pharma between March 13, 2014 and February 26, 2016, or have information that will help our investigation contact Hagens Berman Partner Reed Kathrein, who is leading the firm's investigation by calling 510-725-3000, emailing HZNP@hbsslaw.com or visiting https://www.hbsslaw.com/cases/HZNP. The lawsuit was filed in the U.S. District Court for the Southern District of New York and investors have until May 9, 2016 to move the court to participate as a lead plaintiff.

The lawsuit filed against HZNP alleges that on October 19, 2015, the New York Times reported that Horizon circumvented efforts to switch patients to generic components or OTC versions of expensive drugs by using specialty pharmacies. Horizon's Duexis drug, a combination of two old generic equivalents of Motrin and Pepcid, costs about $1500 a month versus about $20 or $40 a month if Motrin and Pepcid are separately prescribed. On this news, Horizon stock fell $3.81, or 19.98%, to close at $15.26 on October 20, 2015.

A month later, on November 10, 2015, the largest U.S. manager of prescription drug benefits (Express Scripts) announced its removal of a specialty pharmacy that Express Scripts identified as a "captive" pharmacy of Horizon. On this news, Horizon stock fell $4.39, or 19.62%, to close at $17.99 on November 11, 2015.

In addition, during November 2015 Horizon received a subpoena in November 2015 from the Office of the U.S. Attorney for the Southern District of New York for documents and information related to the company's patient assistance programs. Horizon concealed this fact until it filed its 2015 annual report on February 29, 2016. Upon this disclosure, Horizons stock fell $2.63, or 13.3%, to close at $17.16 on February 29, 2016.

"Apart from the Company's highly risky business practices from a regulatory scrutiny standpoint, we're focused on certain insider selling while Horizon concealed its receipt of the subpoena and other material information," said Hagens Berman partner Reed Kathrein.

Whistleblowers: Persons with non-public information regarding Horizon Pharma should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email HZNP@hbsslaw.com.

Contact Information

  • Contact:
    Reed Kathrein
    510-725-3000