Perrigo Haunted By Mylan Rejection As Securities Fraud Complaints Mount
This article was originally published in The Pink Sheet & The Rose Sheet
Executive Summary
Securities fraud complaint filed by Nationwide Mutual Funds alleges firm misled investors to fend off Mylan hostile takeover in 2015 before its share price began plummeting. It is latest of similar complaints filed against Perrigo in New Jersey federal court.
You may also be interested in...
Unilever Plan To Grow Consumer Health By Acquisition, Meet US Tightening Of Merger Scrutiny
Unilever, which has had three offers for GSK rebuffed, likely notes that the Federal Trade Commission and Department of Justice signal they will tighten scrutiny of deals that merge companies providing consumer-facing products and services.
IRS Notice Pushes Perrigo's Potential Tax Debt From Move To Ireland Close To $3bn
IRS tax assessment for 2013, the year Perrigo acquired Dublin-based Elan, adds another cloud to OTC private label giant's outlook as it prepares to present plans for accelerating growth for its long-slumping consumer health business in the US and Europe at a March 9 investor day conference. Perrigo shares dropped more than 9% in early trading after IRS notice became known to investors before inching upward and ending at $47.92, down 6.8% from the previous day's close.
Perrigo Lights Smoking Cessation For Growth With Turnaround Woes 'Fixable'
As "market leader" in OTC nicotine replacement treatments, Perrigo should "be the one that's doing a lot of innovation," says CEO Murray Kessler. He discussed Perrigo's problems and potential sales drivers as it reported 2018 net sales of $4.7bn, down 4% , and Q4 net sales of $1.2bn, down 7%. Global consumer health product sales for year were flat at $3.9bn and Q4 sales were down 4% at $973m.