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VTRS.US
id: 1171

Viatris (VTRS) $16M Shareholder Settlement

The settlement funds have been distributed to claimants.
$16,000,000
Cash Settlement
GD-21-13314
Case number
11/17/2020
Class period Start
02/28/2022
Class period End
07/02/2024
Claim deadline

Viatris (VTRS) agreed to settle $16M with investors to end claims over the misrepresentations in the Mylan merger case.

Case Details:

In November 2020, during the merger, Viatris issued approximately 560M new shares of $VTRS to former Mylan shareholders.

However, Viatris was accused that its Registration Statement misled about the following facts:

  • Viatris exaggerated its financial health and dividend policies.

  • The Registration Statement didn't mention Viatris's worsening situation in China due to government-mandated price cuts.

  • It also didn't reveal the significant impact of generic competitors on Viatris's Lyrica sales in Japan, despite prior expectations of a delayed loss of exclusivity.

Despite the supposed misrepresentations in the Registration Statement, Viatris completed the merger.

After that, when the truth came out, $VTRS dropped, resulting in a decline of over $1B from the offering price.

Viatris has now decided to end all allegations related to the Mylan merger by paying a $16M settlement to investors.

Case Type
US Securities Class Action
Case Status
Disbursed
Alleged Offence
Mismanagement, 
Misleading Statements, 
Omissions
Suspected Party
Directors, 
Management
Security Type
Stocks
Trade Direction
Long
Plaintiffs
Rajesh Patel
Attorneys
Scott+Scott Attorneys at Law LLP
Defendants
Michael Goettler, Sanjeev Narula, Bryan Supran, Margaret M. Madden, Douglas E. Giordano, Robert J. Coury, Ian Read, and James Kilts
Judge
Layn R. Phillips
Administrator
A.B. Data Ltd
Court hearing date
06/12/2024
Exclusion deadline
05/13/2024
Objection deadline
05/22/2024
Attorney fee
$5,633,280
Trades matching type
FIFO
Disbursement date
04/06/2026

Frequently Asked Questions

Who is eligible for this settlement?

All persons or entities who acquired shares of Viatris, Inc. common stock in exchange for Mylan N.V. shares directly in the stock-for-stock exchange conducted pursuant to the offering materials issued in connection with the November 2020 merger of Mylan N.V. and Upjohn to form Viatris.

Do I have to sell securities to be eligible?

No, if you have purchased securities within the class period, you are eligible to participate.

You can participate in the settlement and retain (or sell) your securities.

How long does the payout process take?

The entire process usually takes 4 to 9 months after the claim deadline. But the exact timing depends on the court and settlement administration.

What is 11thestate?

11thestate is an investor recovery company, we help investors to track and collect securities class action settlements. We will:

  1. Prepare documents for your payout

  2. Audit the claim and make sure you get the maximum possible payout

  3. File a claim with the settlement administration

  4. Correspond with the settlement administration to resolve emerging issues

  5. Deliver payout directly to your brokerage account

There is no upfront cost, but we will deduct 20% of the recovered amount as a commission for our services.