San Diego, CA -- (ReleaseWire) -- 01/14/2014 -- An investor, who purchased shares of Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA), filed a lawsuit in the U.S. District Court for Southern District of New York over alleged violations of Federal Securities Laws by Teva Pharmaceutical Industries Ltd in connection with certain allegedly false and misleading statements made between January 1, 2012 and October 29, 2013.
Investors who purchased a significant amount of shares of Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) between January 1, 2012 and October 29, 2013, have certain options and for certain investors are short and strict deadlines running. Deadline: February 24, 2014. NYSE:TEVA investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) between January 1, 2012 and October 29, 2013, that Teva Pharmaceutical Industries Ltd and certain of its officers and directors violated the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically, the plaintiff alleges that defendants allegedly failed to disclose that there was significant internal discord between the Board of Directors ("Board") and Teva Pharmaceutical Industries Ltd's senior management between January 1, 2012 and October 29, 2013 (and in particular, significant differences between the Chairman of the Board and the Chief Executive Officer ("CEO")) concerning execution of the Company's strategies, including implementation of the critical Cost Cutting Program and that as a result of the foregoing, the Company's stock traded at artificially inflated prices between January 1, 2012 and October 29, 2013.
Teva Pharmaceutical Industries Ltd (ADR) reported that its annual Total Revenue rose from over $16.12 billion in 2010 to over $20.31 billion in 2012, while its Net Income declined from over $3.33 billion in 2010 to over $1.96 billion in 2012.
On January 1, 2013, Teva Pharmaceutical Industries Ltd announced that that Shlomo Yanai, President and CEO of Teva Pharmaceutical Industries Ltd, planned to retire from the company effective May 2012, and that as part of a succession plan, the Board of Directors has named Dr. Jeremy Levin, a former senior executive at Bristol-Myers Squibb(NYSE:BMY), to succeed him at that time.
Shares of Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) declined from $63.78 per share in March 2010 to $37.25 per share in March 2013.
Then on October 10, 2013, Teva Pharmaceutical Industries Ltd announced steps to accelerate the reduction of costs and to optimize its structure and processes.
Teva Pharmaceutical Industries Ltd said that these steps are part of Teva Pharmaceutical Industries’ worldwide restructuring program, which was introduced in December 2012 and included actions to divest non-core assets, increase organization effectiveness, improve manufacturing efficiency and reduce excess capacity. Teva Pharmaceutical Industries Ltd also said that it will reduce its global workforce by approximately 10% (approximately 5,000 employees), and will complete the majority of the reduction by the end of 2014.
On October 16, 2013, media outlts reported that the planned layoffs in Israel had generated a public uproar and that one member of Israel’s parliament was quoted as stating that Teva Pharmaceutical Industries’ planned layoffs were “an act of cannibalism” in light of the tax breaks and subsidies that Teva Pharmaceutical Industries has long enjoyed in Israel.
Then on October 30, 2013, Teva Pharmaceutical Industries Ltd announced that its Board of Directors has agreed with Dr. Jeremy Levin that he will step down as President and Chief Executive Officer and that the Board has named Eyal Desheh, Teva's Executive Vice President and Chief Financial Officer, to fill the role of President and Chief Executive Officer on an interim basis, effective immediately, and it has formed a committee that will promptly begin to search for a permanent successor.
Shares of Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) declined from $41.70 per share on October 25, 2013, to $36.59 per share on November 4, 2013.
On Jan. 10, 2014, NYSE:TEVA shares closed at $41.87 per share.
Those who purchased shares of Teva Pharmaceutical Industries Ltd (ADR) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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