|Court:||United States District Court for the Eastern District of Tennessee|
|Class Period:||02/16/1999 - 03/10/2003|
|Case Leader:||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.
- Events BLB&G Hosts Annual 2021 Institutional Shareholder Conference in Amsterdam September 9, 2021 Learn More
- Publications "Forensic Linguistics and the Telephone Interview" by Jenna Goldin published by The New York City Fraud Examiner July 21, 2021 Learn More
- Awards Benchmark Litigation Names Six BLB&G Partners to Its “40 & Under Hot List” July 21, 2021 Learn More
- Events BLB&G Partner David Wales Speaks at the Practising Law Institute's webinar "ESG 2021: What It Means for Boards, Management, and Counsel" June 24, 2021 Learn More
- Publications "Important Considerations in Deciding Whether to Opt Out of Securities Class Actions" by Jonathan Uslaner published in Reuters June 23, 2021 Learn More