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The complaint alleges that the defendants, during the specified period, made false and misleading statements. The plaintiff claims that the defendants failed to disclose several important factors, including increased competition in the company’s US complex generics business, the inability to manage base business erosion and create a stable revenue base, the plan to divest the biosimilars business to meet phase one goals, a significant global reshaping of the business that would undermine revenue growth, and anticipated lower financial growth in 2022.
On February 28, 2022, the defendants announced the sale of the biosimilars business to Biocon Biologics Limited, with the closing expected in the second half of 2022. The company also revealed its intention to divest additional business assets and undergo a significant global reshaping.
As a result of this news, Viatris’ stock price experienced a sharp decline of $3.53, representing a decrease of more than 24%, and closed at $11.01 per share on February 28, 2022.