BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Indivior PLC (“Indivior” or the “Company”) (NASDAQ: INDV) securities between February 22, 2024 and July 8, 2024, inclusive (the “Class Period”). Indivior investors have until October 1, 2024 to file a lead plaintiff motion.
Investors suffering losses on their Indivior investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On July 9, 2024, Indivior disclosed that it would be immediately ceasing all sales and marketing activities related to its schizophrenia treatment, PERSERIS due to the highly competitive market “and impending changes that are expected to intensify payor management in the treatment category in which PERSERIS participates.” Additionally, the Company significantly reduced its 2024 net revenue guidance.
On this news, Indivior’s stock price fell $5.15, or 33.6%, to close at $10.19 per share on July 9, 2024, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants: (1) grossly overstated their ability to forecast the negative impact of certain legislation on the financial prospects of Indivior products, which forecasting ability was far less capable and effective than Defendants had led investors and analysts to believe; (2) overstated the financial prospects of SUBLOCADE, PERSERIS and OPVEE, and thus overstated the Company’s anticipated revenue and other financial metrics; (3) knew or recklessly disregarded that because of the negative impact of certain legislation on the financial prospects of Indivior’s products, Indivior was unlikely to meet its own previously issued and repeatedly reaffirmed FY 2024 net revenue guidance, including its FY 2024 net revenue guidance for SUBLOCADE, PERSERIS and OPVEE; (4) knew or recklessly disregarded that Indivior was at a significant risk of, and/or was likely to, cease all sales and marketing activities related to PERSERIS; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Indivior securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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