A securities class action has been filed in the USDC — E.D.VA. against Indivior PLC (INDV) (“Indivior” or the “Company”), on behalf of all persons or entities that purchased or otherwise acquired Indivior securities between February 22, 2024 and July 8, 2024, both dates inclusive (the “Class Period”).
Indivior is a global pharmaceutical company that develops, manufactures, and markets drugs to treat OUD and serious mental illnesses. Indivior’s flagship drug is SUBLOCADE, a monthly injection used to treat moderate to severe OUD. In 2023, sales of SUBLOCADE generated net revenue of $630 million, which accounted for 58% of Indivior’s net revenue in 2023. Indivior also sells PERSERIS, which is an injection to treat schizophrenia in U.S. adults. In 2023, PERSERIS sales generated net revenue of $42 million. Finally, in October 2023, Indivior launched OPVEE, a nasal spray to reverse opioid overdoses on an emergency basis.
The complaint alleges, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants:
(1) grossly overstated their ability to forecast the negative impact of certain legislation on the financial prospects of Indivior products, which forecasting ability was far less capable and effective than Defendants had led investors and analysts to believe;
(2) overstated the financial prospects of SUBLOCADE, PERSERIS and OPVEE, and thus overstated the Company’s anticipated revenue and other financial metrics;
(3) knew or recklessly disregarded that because of the negative impact of certain legislation on the financial prospects of Indivior’s products, Indivior was unlikely to meet its own previously issued and repeatedly reaffirmed FY 2024 net revenue guidance, including its FY 2024 net revenue guidance for SUBLOCADE, PERSERIS and OPVEE;
(4) knew or recklessly disregarded that Indivior was at a significant risk of, and/or was likely to, cease all sales and marketing activities related to PERSERIS; and
(5) knew or recklessly disregarded that, as a result of the foregoing, the Company’s public statements were materially false and misleading at all relevant times, thereby harming investors.
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