Public Employees’ Retirement System of Mississippi v. Mylan N.V.

On June 26, 2020, Bernstein Litowitz Berger & Grossmann LLP (“BLB&G”) filed a class action lawsuit for violations of the federal securities laws against Mylan N.V. (“Mylan” or the “Company”) and certain of the Company’s senior executives (collectively, “Defendants”) on behalf of investors in Mylan common stock between February 16, 2016, and May 7, 2019 (the “Settlement”). The case was filed in the U.S. District Court for the Western District of Pennsylvania.

Lead Plaintiff Has Reached a Proposed Settlement of the Action for $60 Million

Lead Plaintiff, the Public Employees’ Retirement System of Mississippi, on behalf of itself and the Settlement Class, has reached a proposed settlement of the Action for $60,000,000 in cash that, if approved, will resolve the Action (the “Settlement”).

If you are a member of the Settlement Class, your rights will be affected and you may be eligible for a payment from the Settlement. The Settlement Class consists of:

all persons and entities who purchased or otherwise acquired the publicly traded common stock of Mylan N.V. from February 16, 2016, through May 7, 2019, inclusive (the “Settlement Class Period”), and were allegedly damaged thereby.

Certain persons and entities are excluded from the Settlement Class by definition (see paragraph 22 of the Notice) or may request exclusion from the Settlement Class pursuant to the instructions set forth in the Notice (see paragraph 52 of the Notice).

Please read the Notice to fully understand your rights and options. Copies of the Notice and Claim Form can be found in the Case Documents list on the right of this page. You may also visit the case website, www.Mylan2026SecuritiesSettlement.com, for more information about the Settlement.

To be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form postmarked (if mailed) or submitted on-line by no later than July 10, 2026.

Payments to eligible claimants will be made only if the Court approves the Settlement and a plan of allocation, and only after any appeals are resolved, and after the completion of all claims processing. Please be patient, as this process will take some time to complete.

IMPORTANT DATES AND DEADLINES

July 10, 2026	Claim Filing Deadline. Claim Forms must be postmarked (if mailed) or submitted on-line no later than July 10, 2026.
May 15, 2026	Exclusion Deadline. To exclude yourself from the Settlement Class, you must submit a written request for exclusion postmarked no later than May 15, 2026, in accordance with the instructions in the Notice.
May 15, 2026	Objection Deadline. Any objections to the proposed Settlement, the proposed Plan of Allocation, or the motion for attorneys’ fees and expenses, must be submitted so they are received no later than May 15, 2026, in accordance with the instructions in the Notice.
June 15, 2026 at 10:00 a.m. Eastern	Settlement Hearing. The Settlement Hearing will be held on June 15, 2026 at 10 a.m. Eastern Time, before the Honorable J. Nicholas Ranjan of the United States District Court for the Western District of Pennsylvania, by Zoom videoconference. The Settlement Hearing will be held by the Court to consider, among other things, whether the proposed Settlement is fair, reasonable, and adequate and should be approved; whether the proposed Plan of Allocation is fair and reasonable and should be approved; and whether Lead Counsel’s motion for attorneys’ fees and expenses should be approved.   To attend the Settlement Hearing, please visit https://pawd-uscourts.zoomgov.com/j/1609946048, and use Meeting ID: 160 994 6048, or call +1-669-254-5252 and use Meeting ID: 160 994 6048.

Background and History of the Litigation

Mylan is the second largest generic drug manufacturer in the world with roughly 55 manufacturing and R&D facilities globally. During the Class Period, Mylan’s largest U.S. manufacturing facility was located in Morgantown, West Virginia. The claims against Mylan arise from the Company’s alleged misrepresentations and omissions regarding abuses of federal quality control regulations, including at the Morgantown facility. The Complaint alleges that under a scheme implemented by Mylan’s President, Rajiv Malik, Mylan chemists manipulated quality control test data in order to create the facade that Mylan’s drugs had achieved passing quality control results. In November 2016, a whistleblower reported Mylan’s conduct to the U.S. Food & Drug Administration (“FDA”).

The Complaint alleges that the truth began to be revealed on June 27, 2018, when Mylan revealed that the FDA had investigated the Morgantown plant in the Spring of 2018—the second FDA investigation of that plant in less than two years. According to the FDA, the Morgantown plant exhibited “significant deficiencies in [its] cleaning process[es],” “numerous instances of a lack of oversight,” and “multiple instances” of Mylan chemists re-cleaning and re-swabbing quality control testing machines “multiple times until passing results were obtained.” As a result of these violations, Mylan was ultimately forced to reveal that it would be dramatically “restructuring” its Morgantown facility, including by terminating hundreds of employees, and reported a surprise quarterly loss on May 7, 2019, which the Company attributed, in part, to the Morgantown “restructuring.” The disclosures caused the value of Mylan stock to decline dramatically, resulting in significant damages to investors.

The Complaint is based on an extensive investigation and a careful evaluation of the merits of this case. To view the Complaint, click on the Case Documents tab on the left-hand side of the page. BLB&G filed this action on behalf of the Public Employees’ Retirement System of Mississippi, and the case is captioned Public Employees’ Retirement System of Mississippi v. Mylan N.V., No. 2:20-cv-955 (W.D. Pa.). Lead Plaintiff’s amended complaint was filed November 13, 2020. Defendants filed their motion to dismiss the amended complaint on January 19, 2021, which Lead Plaintiff opposed on March 16, 2021. Oral argument on Defendants' motion took place on March 14, 2023, and the Court issued its decision— granting in part and denying in part the motion to dismiss—on May 18, 2023. The Court found that Lead Plaintiff had pled an actionable misrepresentation in its Amended Complaint, but the Parties disagreed on the extent to which Lead Plaintiff’s scheme liability claims remain. On June 20, 2023, Lead Plaintiff filed a motion seeking clarification on the Court’s decision with respect to their scheme liability claims. On July 17, 2023, Defendants filed a motion for judgment on the pleadings, seeking to dismiss Lead Plaintiff’s remaining claims under Rule 12(c) of the Federal Rules of Civil Procedure. On August 31, 2023, Lead Plaintiff opposed Defendants’ motion for judgment on the pleadings, and Defendants filed a reply on October 20, 2023.

On July 8, 2025, the Court entered orders denying the motion for clarification and denying the motion for judgment on the pleadings.

The Parties participated in a mediation session on December 8, 2025. Following the mediation session, the Mediator made a recommendation that the Action be settled for $60 million, which the Parties accepted on December 15, 2025.

On February 13, 2026, the Parties entered into a Stipulation and Agreement of Settlement, which sets forth the terms and conditions of the Settlement. On February 19, 2026, the Court preliminarily approved the Settlement, authorized the Notice to be disseminated to potential Settlement Class Members, and scheduled the Settlement Hearing to consider whether to grant final approval to the Settlement for June 15, 2026.