SAN DIEGO, Aug. 23, 2024 (GLOBE NEWSWIRE) — Robbins LLP reminds investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Indivior PLC (NASDAQ: INDV) securities between February 22, 2024 and July 8, 2024. Indivior is a global pharmaceutical company that develops, manufactures, and markets drugs to treat opioid use disorders (“OUD”) and serious mental illnesses.
For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.
The Allegations: Robbins LLP is Investigating Allegations that Invidior PLC (INDV) Misled Investors Regarding the Financial Prospects of its Products
According to the complaint, during the class period, defendants: (i) 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; (ii) overstated the financial prospects of SUBLOCADE, PERSERIS and OPVEE, and thus overstated the Company’s anticipated revenue and other financial metrics; (iii) 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 FY2024 net revenue guidance, including FY2024 net revenue guidance for SUBLOCADE, PERSERIS and OPVEE; and (iv) 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.
On July 9, 2024, Indivior issued a press release “announc[ing] a business update encompassing [its] outlook for [second quarter (‘Q2’)] and FY2024 financial performance.” The July 9 Update reduced FY 2024 (i) total net revenue guidance to $1.15-$1.215 billion from the previous ranges of $1.24-$1.33 billion; (ii) SUBLOCADE net revenue guidance to $765-$805 million from the previous range of $820-$880 million; and (iii) OPVEE net revenue guidance to $9-14 million from the previous range of $15-25 million. The July 9 Update also shockingly advised that the Company would immediately cease all sales and marketing activities related to PERSERIS. On this news, Indivior’s stock price fell $5.15 per share, or 33.57%, to close at $10.19 per share.
What Now: You may be eligible to participate in the class action against Invidior PLC. Shareholders who want to serve as lead plaintiff for the class must file their papers with the court by October 1, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
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