In re King Pharmaceuticals, Inc. Securities Litigation
|Court:||United States District Court, Eastern District of Tennessee, Greenville|
|Judge:||Hon. Thomas W. Phillips|
|Class Period:||02/16/1999 - 03/10/2003|
|Case Contacts:||John C. Browne|
Securities fraud class action brought on behalf of purchasers of King Pharmaceuticals, Inc. ("King") common stock on the open market from February 16, 1999 through March 10, 2003 ("Class Period"), including all persons who acquired King common stock pursuant to, or traceable to King's public offering in November 2001 and any persons or entities who exchanged their shares of Jones Pharma, Inc. for shares of King in August 2000.
King is a pharmaceutical company that develops, manufactures, markets and sells branded prescription pharmaceutical products. Plaintiffs allege that during the Class Period, King failed to properly reimburse Medicaid and other government pricing programs over $46.5 million. Plaintiffs also allege that King manufactured sales to a related party, the King Benevolent Fund, an entity controlled by King's management, late in the quarter to ensure that King met its sales and earnings targets for the quarter. King failed to disclose these transactions until after March 11, 2003 when it announced that the SEC was investigating the Company.
Court Grants Final Approval of $38.25 Million Settlement in King Pharmaceuticals, Inc. Securities Litigation
On January 9, 2007, a settlement fairness hearing was held, during which time the Court granted final approval of the settlement and plan of allocation and issued a Final Judgment and Order of Dismissal with Prejudice, ending this litigation and relinquishing all claims against Defendants.
In order to have been eligible to share in the benefits of the settlement, class members should have submitted a completed and signed Proof of Claim form postmarked no later than February 8, 2007.