Saxena White P.A. is pleased to announce that, on March 24, 2019, the United States District Court for the Southern District of Florida appointed the City of Boca Raton General Employees’ Pension Plan and the Palm Bay Police and Firefighters’ Pension Fund as Lead Plaintiff and Saxena White as Lead Counsel in the securities fraud class action against Perrigo Company PLC. The action alleges that Perrigo hid a multi-billion-dollar tax liability from its investors. Specifically, in November 2017, Ireland’s tax authority notified Perrigo that it was auditing Perrigo’s sale of its royalty rights to a flagship drug—Tysabri—in transactions worth a total of more than $6 billion. Perrigo had improperly applied a 12.5% income tax rate, rather than the appropriate 33% capital gains tax rate, to the transactions. Yet, in violation of the securities laws and GAAP, Perrigo concealed the details of the audit from the public—even after the Irish tax authority sent Perrigo a letter notifying Perrigo that it owed $1.6 billion in back taxes. Once Perrigo was forced to reveal the truth, on December 20, 2018, Perrigo’s stock price fell 30%–from $52.36 to $37.03 per share—wiping out nearly $2.1 billion in market capitalization in just one day.