Perrigo Co. kept falsely reassuring investors as costs associated with a newly acquired Nestlé infant formula segment mounted, a shareholder alleges in a proposed class action.
Perrigo’s stock took a series of tumbles as news of additional manufacturing facility remediations, lower sales, and scrapped product emerged, Tanner French says. French filed his suit Monday in the US District Court for the Southern District of New York.
Perrigo announced on Nov. 5 that it was reassessing its $240 million investment in the business and cutting its growth outlook, French says. Perrigo’s stock dropped 25% to close at $15.10 per share that ...