| CASE CAPTION |
Franklin Mutual Series Funds v. Teva Pharmaceutical Ind. Ltd., et al.; Nordea Investment Management AB v. Teva Pharmaceutical Ind. Ltd., et al.; and State of Alaska, Department of Revenue v. Teva Pharmaceutical Ind. Ltd., et al. |
| COURT |
United States District Court for the District of Connecticut |
| CASE NUMBER |
3:18-cv-01681-SRU; 3:18-cv-01721-SRU and 3:20-cv-01630-SRU |
| JUDGE |
Honorable Stefan R. Underhill |
| PLAINTIFFS |
Franklin Templeton Investment Funds, Nordea Investment Management AB, State of Alaska Department of Revenue, and The Alaska Permanent Fund Corporation |
| DEFENDANTS |
Teva Pharmaceutical Industries Ltd. (“Teva”), Erez Vigodman, Eyal Desheh, Yaacov Altman, Sigurdur Olafsson, Kåre Schultz, and Michael McClellan |
| CLASS PERIOD |
February 6, 2014 through May 10, 2019, inclusive |
These securities fraud opt-out actions in Connecticut federal court involve Teva’s concealment of its role in an industrywide conspiracy to fix the prices of generic drugs. Our clients allege that Teva failed to disclose that the driving force behind its record revenues between 2013 and 2015 was its participation in the price-fixing scheme and reliance on an unsustainable strategy to systematically raise generic drug prices across its portfolio. When Teva’s role in the price-fixing conspiracy and the true financial consequences of its pricing strategy were revealed, plaintiffs suffered substantial investment losses.
In addition to representing multiple U.S. and European investment funds, Kessler Topaz was appointed by U.S. District Judge Stefan R. Underhill to serve as liaison counsel to the Court on behalf of the more than twenty-five opt-out plaintiffs in this consolidated litigation.
On May 1, 2023, Judge Underhill issued a 101-page order and opinion denying Defendants’ motion to dismiss the opt-out claims. The cases are now in discovery.
Read Franklin Mutual Series Funds et al v. Teva Pharmaceutical Ind. Ltd. Complaint Here
Read Nordea Investment Management AB v. Teva Pharmaceutical Ind. Ltd. First Amended Complaint Here
Read State of Alaska et al v. Teva Pharmaceutical Ind. Ltd. First Amended Complaint Here