Lawsuit centers around Teva Pharmaceutical

A law office announced it filed a class action claim against a pharmaceutical company after shareholders brought forth allegations of securities violations.

The lawsuit was filed in the U.S. District Court for the Southern District of New York by Rigrodsky and Long, P.A., against Teva Pharmaceutical Industries Limited after shareholders alleged that the company violated the Securities Exchange Act of 1934. All stockholders who purchased interests between the class period between Jan. 1, 2012, and Oct. 29, 2013, will be affected by the action.

The company had a series of issues during the class period that led to the lawsuit. On Jan 1, 2012, the pharmaceutical company added a new president and CEO. At the end of that year, the company began an initiative to cut costs, with a projected savings between $1.5 billion and $2 billion through 2018. However, on Oct. 10, 2013, the company revised its plan by increasing the level of cost changes, as it planned to lay off a significant portion of employees.

That president and CEO of the company, Jeremy Levin, eventually resigned due to different views with the rest of the board regarding the direction the company should be headed in. This was initially denied by Teva Pharmaceutical, before this information was released. After this occurred, the company had its stock drop by 8 percent on Oct. 30, 2013, to a level of $37.70 per share.

Those shareholders who want to gain more information about this process should contact the law firm. It is possible to speak with Peter Allocco or Timothy McFall, and they can be reached by email, telephone or mail. Additionally, it is also possible to learn more about the litigation by visiting Rigrodsky and Long's website.

Any person who purchased stock during the aforementioned class period can become lead plaintiff. It is important to file all necessary documents with the court by Feb. 24, 2014. It is not necessary to be lead plaintiff in order to earn funds if there is a recovery decision.

Another lawsuit underway
The Rosen Law Firm, P.A., also noted that it filed a securities class action lawsuit against Teva Pharmaceutical for many of the aforementioned reasons.

Shareholders can also speak with this firm to learn more about the decision, and Phillip Kim and Kevin Chan are available to field questions. Both can be reached by email or telephone.