| Company: | Perrigo Company |
| Ticker Symbol: | PRGO |
| Class Period: | Nov-6-08 to Feb-2-09 |
| Date Filed: | Mar-11-09 |
| Lead Plaintiff Deadline: | May-10-09 |
| Court: | Southern District of New York |
| Allegations: | |
The Complaint charges that Perrigo and certain of its officers and directors violated federal securities laws by issuing materially false statements regarding the Company's exposure to at least $18 million of Auction Rate Securities ("ARS"). In January and February of 2008, auctions of ARS began to fail, limiting the ability of holders to sell these securities. Nevertheless, Perrigo had a reasonable expectation of redeeming its $18 million in ARS until September 15, 2008 when Lehman Brothers Holdings, Inc. ("Lehman"), the bank that underwrote and sold the ARS to Perrigo, declared bankruptcy.
On November 6, 2008, the beginning of the Class Period, defendants reported the "fair value" of Perrigo's ARS as $14,500,000, but concealed the impact of Lehman's bankruptcy on Perrigo's ARS. Then on February 3, 2009, defendants disclosed that Lehman had underwritten and sold the ARS to Perrigo and that the Company was writing off the entire value of its ARS, wiping out over a third of Perrigo's earnings. On this news, Perrigo's stock price fell 18%.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
