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Alkermes plc

Company NameAlkermes plc
Stock SymbolALKS
Class PeriodFebruary 24, 2015 to November 03, 2017
Lead Plaintiff Motion DeadlineJanuary 22, 2018

On November 6, 2017, U.S. Senator Kamala Harris announced that she was opening an investigation into Alkermes’ sales practices for Vivitrol. Senator Harris stated that the Company “aggressively marketed” its medication, convincing judges and prison officials to use it rather than more proven addiction treatments and spent hundreds of thousands of dollars lobbying policymakers.

On this news, Alkermes’ stock price fell $2.23, or 4.4%, to close at $48.76 on November 6, 2017, thereby injuring investors.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:  (i) Alkermes systemically engaged in deceptive marketing campaigns to influence policymakers to use Vivitrol in addiction treatment programs over more scientifically proven and efficacious alternatives; (ii) the foregoing conduct, when disclosed, would foreseeably subject Alkermes to heightened regulatory and legislative scrutiny; (iii) accordingly, the Company’s revenues derived from Vivitrol during the Class Period were unsustainable; and (iv) as a result of the foregoing, Alkermes shares traded at artificially inflated prices during the Class Period, and class members suffered significant losses and damages.

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