Perrigo(US:PRGO) Prnewswire·2025-12-03 15:55Core Viewpoint - The article discusses a class action lawsuit against Perrigo Company plc, alleging violations of the Securities Exchange Act of 1934 due to misleading statements and undisclosed issues related to its acquisition of Nestlé's infant formula business [1][2]. Company Overview - Perrigo Company plc is involved in providing over-the-counter health and wellness solutions [1]. - The company acquired Nestlé's Gateway infant formula plant and the rights to the Good Start® brand for $170 million in November 2022 [1]. Allegations and Financial Impact - The lawsuit claims that Perrigo's executives made false statements regarding the condition of the acquired infant formula business, which suffered from underinvestment and significant operational deficiencies [1]. - On February 27, 2024, Perrigo disclosed additional costs of $35 million to $45 million for remediation, leading to a 50% decline in earnings per share compared to the previous year [1]. - Following further disclosures, Perrigo's stock price fell over 15% on February 27, 2024, nearly 10% on May 7, 2024, and more than 11% on August 6, 2025, due to ongoing issues with the infant formula business [1]. - On November 5, 2025, Perrigo announced a strategic review of its infant formula business and revised its fiscal year 2025 outlook, resulting in a stock price drop of over 25% [1]. Legal Process - Investors who purchased Perrigo securities during the class period (February 27, 2023, to November 4, 2025) can seek appointment as lead plaintiff in the class action lawsuit [1]. - The lead plaintiff will represent the interests of all class members and can select a law firm to litigate the case [1].