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Viatris Inc.

Company NameViatris Inc.
Stock SymbolVTRS
Class PeriodMarch 01, 2021 to February 25, 2022
Lead Plaintiff Motion DeadlineJuly 14, 2023

On February 28, 2022, before the market opened, Viatris revealed that it had decided to undertake a global reshaping of its business, announcing that it had entered into an agreement to sell it biosimilars business to Biocon Biologics Limited and was seeking to divest additional business assets and focus on developing products in three core therapeutic areas as part of its reshaping. The same day, the Company announced disappointing guidance for fiscal year 2022, attributing the lower-than-expected numbers to competition around key core products and price deterioration in certain markets.

On this news, Viatris’s stock price fell $3.53, or 24.3%, to close at $11.01 per share on February 28, 2022, 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 failed to disclose to investors that: (1) the Company was experiencing significantly more competition in its United States complex generics business than disclosed; (2) the Company was not able to effectively manage its base business erosion or create a stable revenue base; (3) despite being one of the Company’s only growth drivers, Viatris was actively planning to divest its biosimilars business in order to secure enough cash to let it purportedly meet its phase one goals; (4) Viatris was deviating from the business model it touted through the Class Period and undertaking a significant global reshaping of its business which would undermine its ability to achieve stable revenue growth; (5) the Company was anticipating less financial growth moving into 2022; and (6) 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.

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