Overview
Since mid-2022, Woodsford has worked with investors and former investors in London-listed pharmaceutical giants Reckitt Benckiser Group plc and Indivior plc on a collective and escalated engagement with those companies, which has led to litigation in the English High Court. The action relates to serious misconduct at Reckitt and Indivior, which resulted in fines being paid to regulators totalling approximately US$2 billion and senior executives pleading guilty to criminal charges. You can read about this misconduct in more detail here and here.
The investors are represented in the litigation by London-based law firm
Investors can register their interest in participating in this action by clicking here.
Background
Reckitt is a British multinational consumer goods company engaged in the production of health, hygiene and nutritional products. Reckitt is a constituent of the FTSE 100 and is one of the largest companies listed on the London Stock Exchange.
Indivior plc is a specialty pharmaceuticals business formed following the demerger from Reckitt. Indivior’s primary operation is the production and sale of substitution products for opioid addiction. Indivior is a constituent of the FTSE 250.
The action by investors arises from alleged misconduct by Reckitt and Indivior in relation to the marketing in the United States of a drug known as Suboxone. Investors allege that Reckitt and Indivior engaged in a complex and wide-ranging dishonest scheme to switch the market in the US from the Suboxone Tablet, which was about to lose its intellectual property protections, to Suboxone Film, which enjoyed those protections for longer.
In December 2013, the Federal Trade Commission (‘FTC’) and the US Department of Justice (‘DoJ’) commenced investigations into Indivior and Federal agents raided Indivior’s offices. The FTC and DoJ investigation would later uncover shocking revelations of market manipulation, abuse of dominance and weak corporate governance at Indivior and Reckitt in relation to their marketing of the drug Suboxone. The investigations, and a subsequent Grand Jury indictment, resulted in settlements totalling approximately US$2 billion ($1.4 billion paid by Reckitt and $600 million paid by Indivior) and the former CEO of Indivior pleading guilty to criminal charges. You can read about this in more detail here and here.
Recovery action
Investors allege that Reckitt and Indivior’s share prices were inflated by their disclosure failures, false and/or misleading statements and/or dishonest omissions from their published information, causing investors loss. The action against Indivior also relates to false and misleading statements in, and omissions from, its prospectus.
Register your interest
Investors who held the shares in Reckitt or Indivior responding to the following tickers and periods are eligible to participate:
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RECKITT
Ticker: RKT
ISIN: GB00B24CGK77
SEDOL: B24CGK7
WKN: A0M1W6
Relevant Period: 1 January 2006 – 27 April 2021
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INDIVIOR
Ticker: INDV
ISIN: GB00BRS65X63
SEDOL: BRS65X6
WKN: A12FHW
Relevant Period: 23 December 2014 – 26 November 2020
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About us
Woodsford Engage is the investor engagement business within the Woodsford Group. Woodsford Engage identifies serious failures in corporate governance at publicly listed companies, brings those failures and related economic losses to the attention of investors, and helps investors organise with a view to collective and escalated engagement with the investee company. Although it is hoped that such engagements will result in compensation and accountability without need for litigation, it may be that litigation proves necessary. Any such litigation will be handled on the investors’ behalf by lawyers from leading securities litigation law firms and, in English litigation, by barristers from leading London chambers. Litigation funding may be provided by the litigation funding business within the Woodsford Group.
Frequently asked questions
Below is a selection of frequently asked questions and answers; if your question is not dealt with here, please contact us for further information.
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Which investors are eligible to participate?Investors who held the shares in Reckitt or Indivior responding to the following tickers and periods are eligible to participate: RECKITT Ticker: RKT ISIN: GB00B24CGK77 SEDOL: B24CGK7 WKN: A0M1W6 Relevant Period: 1 January 2006 – 27 April 2021 INDIVIOR Ticker: INDV ISIN: GB00BRS65X63 SEDOL: BRS65X6 WKN: A12FHW Relevant Period: 23 December 2014 – 26 November 2020
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How can I participate?If you believe you are an eligible investor and would like to participate in this action, please register on the form above, or email reckittandindivior@woodsford.com for further information.
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What does it cost to participate?The action is being pursued on a no-win no-fee basis so investors are able to participate without financial cost or risk except if a recovery is made from Reckitt and Indivior (in which case, the cost of participation will be taken from that recovery). If there is no recovery, there will be no cost.