|[December 24, 2013]
Rigrodsky & Long, P.A. Files Securities Fraud Class Action Lawsuit Against Teva Pharmaceutical Industries Limited
WILMINGTON, Del. --(Business Wire)--
Rigrodsky & Long, P.A.:
Do you, or did you, own shares of Teva Pharmaceutical Industries
Limited (NYSE: TEVA)?
Did you purchase your shares between January 1, 2012 and October
29, 2013, inclusive?
Did you lose money in your investment in Teva Pharmaceutical
Do you want to discuss your rights?
& Long, P.A. announces that it has filed a class action lawsuit
in the United States District Court for the Southern District of New
York on behalf of all persons or entities that purchased the securities
of Teva Pharmaceutical Industries Limited ("Teva" or the "Company")
between January 1, 2012 and October 29, 2013, inclusive (the "Class
Period"), alleging violations of the Securities Exchange Act of 1934
against certain of the Company's officers (the "Complaint"). The case is
entitled Edison v. Teva Pharmaceutical Industries Limited, Case
No. 13-cv-8963 (S.D.N.Y.).
If you purchased shares of Teva during the Class Period, or purchased
shares prior to the Class Period and still hold Teva, and wish to
discuss this action or have any questions concerning this notice or your
rights or interests, please contact Timothy
J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825
East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by
e-mai to email@example.com, or
The Complaint alleges that throughout the Class Period, defendants made
materially false and misleading statements regarding the Company's
business operations, financial condition and prospects. Specifically,
the Complaint alleges that the defendants failed to disclose that there
was significant internal discord between the Board of Directors
("Board") and Teva's senior management during the Class Period (and in
particular, significant differences between the Chairman of the Board
and the Chief Executive Officer ("CEO")) concerning execution of the
Company's strategies, including implementation of the critical Cost
Cutting Program. As a result of the foregoing, the Company's stock
traded at artificially inflated prices during the Class Period.
According to the Complaint, on January 1, 2012, the Chairman of Teva's
Board, Phillip Frost ("Frost"), announced that Shlomo Yanai ("Yanai")
was retiring as the Company's CEO and President, and that the Board had
named Dr. Jeremy Levin ("Levin"), a former senior executive at
Bristol-Myers Squibb, to replace Yanai in those positions.
In December 2012, Levin and his management team announced a five-year
cost cutting program projected to help Teva achieve annual cost savings
of $1.5 billion to $2 billion by 2018.
On October 10, 2013, Teva announced an acceleration of its cost cutting
program under which it would lay off 5,000 workers worldwide in 2014,
including about 800 employees in Israel.
On October 16, 2013, the press reported that the planned layoffs in
Israel had generated a public uproar. One member of Israel's parliament
was quoted as stating that Teva's planned layoffs were "an act of
cannibalism" in light of the tax breaks and subsidies that Teva has long
enjoyed in Israel.
On October 28, 2013, Channel 2 television in Israel quoted unnamed
sources as indicating that Levin was considering resigning due to strong
differences of opinion between himself and Frost concerning execution of
Teva's strategy, including how to handle the planned layoffs in Israel.
Among other things, Channel 2 cited a letter from certain senior
executives to the Board stating that "the lack of unity among the board
of directors and CEO hurts our ability to make the necessary changes,"
and urging the Board to "reconsider its intervention in the daily course
of business that we believe has become common in recent months and
prevents management from being able to manage Teva effectively."
Later that day, Levin denied that he was considering resigning because
of disagreements with Frost and the Board, and Teva issued a separate
statement saying that reports of differences of opinion between Levin
and Frost over execution were "baseless."
On October 30, 2013, Teva announced that Levin would, in fact, be
resigning as CEO and President. In connection with Levin's departure,
Frost was quoted as stating that there were differences between the
Board and Levin concerning execution of Teva's strategy.
Upon the news of Levin's departure, shares in Teva declined more than
8%, closing at $37.70 per shares on October 30, 2013, on heavy trading
volume of over 51 million shares.
If you wish to serve as lead plaintiff, you must move the Court no later
than February 24, 2014. A lead plaintiff is a representative party
acting on behalf of other class members in directing the litigation. In
order to be appointed lead plaintiff, the Court must determine that the
class member's claim is typical of the claims of other class members,
and that the class member will adequately represent the class. Your
ability to share in any recovery is not, however, affected by the
decision whether or not to serve as a lead plaintiff. Any member of the
proposed class may move the court to serve as lead plaintiff through
counsel of their choice, or may choose to do nothing and remain an
absent class member.
& Long, P.A., with offices in Wilmington, Delaware and Garden
City, New York, regularly
litigates securities class, derivative and direct actions, shareholder
rights litigation and corporate governance litigation, including
claims for breach of fiduciary duty and proxy violations in the Delaware
Court of Chancery and in state and federal courts throughout the United
Attorney advertising. Prior results do not guarantee a similar outcome.
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