Indivior Share Discussion Threads

[waldron] 05/12/2023 16:08

Indivior PLC INDV Prevails in Striking Claims in UK Litigation (7595V)
05/12/2023 2:06pm
UK Regulatory (RNS & others)



Tuesday 5 December 2023


TIDMINDV

RNS Number : 7595V


Indivior Prevails in Striking Representative Claims from UK Shareholder Action

Richmond, VA and Slough UK, December 5, 2023 - Indivior PLC (LSE/NASDAQ: INDV) , a leading addiction treatment company, announced that the High Court of Justice of England and Wales has issued a judgment striking out representative claims by Wirral Council as administering authority of Merseyside Pension fund ("Wirral") against Indivior under the Financial Services and Markets Act 2000 ("FSMA"). Wirral's suit was the first attempt by claimants to use representative proceedings for securities claims brought under Sections 90, 90A, and Schedule 10 of the FSMA. The proposed representative proceedings, if allowed, would permit a representative acting on behalf of unnamed claimants to attempt to prove a violation of law without proof of damages, in contrast to ordinary multi-party proceedings, which require proof of liability and damages for each claimant.

In September 2022, Wirral had filed a representative claim generally asserting that Indivior violated the FSMA by making misleading or dishonest statements regarding an alleged fraudulent scheme to switch the market for its SUBOXONE (R) branded products in published information relating to securities. A similar claim was filed against Reckitt Benckiser.

After hearing two days of argument in November 2023, the High Court on December 5 issued a judgment granting Indivior's and Reckitt Benckiser's applications to strike out the representative proceedings. The Court specifically found that it "would be unfair and unjust, and contrary to the overriding objective, to allow the Representative Proceedings to oust the jurisdiction of the Court to case manage the claims from the start." The Court's judgment may be found here .

Wirral and other claimants separately had filed a multi-party action generally alleging the same claims, and levied similar allegations against Reckitt Benckiser Group PLC ("Reckitt Benckiser") in separate actions. Pursuant to the Court's judgment, the claim against Indivior may only proceed in those multi-party proceedings brought by the claimants named in those proceedings.

Wirral may seek permission to appeal the Court's judgment.

About Indivior

Indivior is a global pharmaceutical company working to help change patients' lives by developing medicines to treat addiction and serious mental illnesses. Our vision is that all patients around the world will have access to evidence-based treatment for the chronic conditions and co-occurring disorders of substance use disorder (SUD). Indivior is dedicated to transforming SUD from a global human crisis to a recognized and treated chronic disease. Building on its global portfolio of OUD treatments, Indivior has a pipeline of product candidates designed to both expand on its heritage in this category and potentially address other chronic conditions and co-occurring disorders of SUD, including alcohol use disorder and cannabis use disorder. Headquartered in the United States in Richmond, VA, Indivior employs more than 1,000 individuals globally and its portfolio of products is available in 37 countries worldwide. Visit www.indivior.com to learn more. Connect with Indivior on LinkedIn by visiting www.linkedin.com/company/indivior.

This release is being made by Kathryn Hudson, Company Secretary Indivior PLC.

Media Contacts :

US Media :

Cassie France-Kelly

Vice President, Communications

Indivior PLC

Tel: [phone]

UK Media :

Teneo

Tel: [phone]

Investors and Analysts :

Jason Thompson

Vice President, Investor Relations

Indivior PLC

Tel: [phone]

Tim Owens

Director, Investor Relations

Indivior PLC

Tel: [phone]

-ends-





(END) Dow Jones Newswires

December 05, 2023 09:06 ET (14:06 GMT)

[waldron] 05/12/2023 16:04

Indivior and Reckitt land legal boost in UK Suboxone claim

Tue, 05th Dec 2023 15:38
Alliance News

(Alliance News) - Indivior PLC and one-time parent Reckitt Benckiser Group PLC were handed a legal victory on Tuesday after the High Court of Justice of England & Wales dismissed a lawsuit related to alleged false marketing of an opioid addiction treatment.

Wirral Council, on behalf of Merseyside Pension fund, looked to bring a representative claim, alleging that Indivior made "misleading or dishonest statements" related to Suboxone-braded products.

"After hearing two days of argument in November 2023, the High Court on December 5 issued a judgment granting Indivior's and Reckitt Benckiser's applications to strike out the representative proceedings," Richmond, Virginia-based pharmaceutical firm Indivior said.

Indivior noted Wirral may seek the green light to appeal the court decision.

Back in October, Indivior said it has reached an agreement to settle a US multi-district Suboxone litigation case, forking out USD385 million in the process.

The litigation was centred on the claim that the pharmaceutical company stymied generic competition for the opioid addiction treatment Suboxone, in order to preserve its dominance.

The settlement marked the end of the multi-district litigation, once approved by the United States District Court for the Eastern District of Pennsylvania.

Indivior was formerly part of Reckitt Benckiser Group PLC, before being spun out in late 2014.

Indivior's share price was down 4.6% at 1,258.00 pence each in London on Tuesday afternoon. Reckitt fell 0.8% to 5,408.00p.

By Hugh Cameron, Alliance News reporter

Comments and questions to [e-mail]

[youngers] 05/12/2023 11:57

The vultures lost for once :)

[gregmorg] 05/12/2023 11:50

I am told that the Wirral class action against R and B and Indivior has been thrown out BUT be careful as I haven't seen anything myself- treat it as heresay till there is some confirmation!

[youngers] 05/12/2023 11:45

So what happened at 11am for that spike?

[steeplejack] 22/11/2023 14:06

Nonetheless,it shows that the company remains vulnerable to litigation from every quarter.

[youngers] 21/11/2023 07:54

I’m thinking this one is covered by DnO insurance?

[youngers] 20/11/2023 07:58

Should see some buying today. Share purchase programme starts. GLA

[redwing1] 17/11/2023 16:58

Personally I would rather see cash re-deployed in the business than simply propping up the share price short-term with share buybacks. Maybe more bolt-on acquisitions to further diversify revenues?

I understand and appreciate management's confidence in cashflow and growth prospects, but the cash pile has taken quite a hit in the last two years (with a few payments still yet to be made). I would prefer cash conservation and balance sheet flexibility to buybacks. Even a dividend or two wouldn't go amiss!

[gregmorg] 17/11/2023 15:43

Yes today's announcements are positive and have probably steadied the shareholder boat- its a view! However read between the lines and just quite possibly one can start to comprehend what has been happening!

Also,there is a new biggish shareholder, Madison Partners LP . I say new as I cannot trace them as shareholders previously but do check, maybe that's me!

If it is a new shareholder then we haven't quite seen the full story yet as the stock has come from somewhere. I suspect today's announcements tell some of the story but not quite all. Could it possibly be Scopia's revised shareholding agreement has already been acted upon?

Whatever has been driving the recent share price weakness and the above maybe well wide of the mark!, today's statements on trading , prospects etc and the proposed major share buy back program have reassured me in quite a big way. Doesn't mean to say I am right!

[youngers] 17/11/2023 14:12

Doesn’t get much more confident than this:

“Given our confidence in delivering on the medium-term profitable growth profile we outlined at our capital markets day last December, the Board of Directors and management team believe that the Company's shares represent an attractive investment opportunity," said Mark Crossley, Chief Executive Officer. "Our expected strong cash flow over this period provides us the ability to reinvest in our business, progress our pipeline, and to take this action to deliver direct shareholder returns."

[youngers] 17/11/2023 12:34

That’s great news. I think mgmt probably a bit surprised by the reaction to removing all the legal hangover and then the results announcement.

Expecting a big push at q4 results to set out a compelling vision for the future with significant profitability to drive a re rating in this stock

[dealy] 17/11/2023 12:22

Good news. market is however so dysfunctional that there is no buying

[pngasef] 17/11/2023 12:09

RNS...... share buy back announcement!!

[dealy] 15/11/2023 14:03

volume is very low

[liam1om] 15/11/2023 11:14

Biggest faller on the FTSE350 today. Quite an achievement...

[casholaa] 14/11/2023 19:58

Yeah. I got fomo after missing out on the 100 point or so jump. I'll be in the red by Friday I think.

[pngasef] 14/11/2023 15:50

Buyers are back now though, happy days.

[dealy] 14/11/2023 08:05

This sell off has taken place without any announced reduction in holdings by large holders.

[liam1om] 13/11/2023 08:58

I make that 7 down days in a row. Worst run its had in a long time and again in the top three biggest losers on the FTSE350. Crazy.

[steeplejack] 12/11/2023 12:01

Its noticeable that second line stocks,especially those that don't pay a dividend,are getting particularly badly hit in these markets.It could be a function of the 'risk free' interest now readily available elsewhere but combined with a general risk aversion,a lot of stocks are vulnerable.Anyway,Indivior isn't alone.