Serving as bankruptcy counsel for the State Teachers Retirement System of Ohio, the lead plaintiff in a securities class action against drug maker Mallinckrodt, Lowenstein Sandler, together with lead counsel, has secured final approval of a $65.75 million settlement by the U.S. District Court for the District of Columbia.
The State Teachers Retirement System of Ohio, on its own behalf and on behalf of a certified class of investors, claimed that Mallinckrodt and certain of its executives had made false statements concerning the government reimbursements received for its drug Acthar, and concealed material facts from investors with respect to those payments and the viability of continued revenue from the drug. The Lowenstein team was particularly involved in helping to structure the settlement despite the complications resulting from the intervening Chapter 11 filing by Mallinckrodt.
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