REG - Indivior PLC - INDV Prevails in Striking Claims in UK Litigation

IndiviorAnnouncement

05/12/2023 14:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231205:nRSE7595Va&default-theme=true

RNS Number : 7595V  Indivior PLC  05 December 2023

FOR IMMEDIATE RELEASE

 

 

Indivior Prevails in Striking Representative Claims from UK Shareholder Action

 

Richmond, VA and Slough UK, December 5, 2023 - Indivior PLC (LSE/NASDAQ:
INDV), a leading addiction treatment company, announced that the High Court of
Justice of England and Wales has issued a judgment striking out representative
claims by Wirral Council as administering authority of Merseyside Pension fund
("Wirral") against Indivior under the Financial Services and Markets Act 2000
("FSMA").  Wirral's suit was the first attempt by claimants to use
representative proceedings for securities claims brought under Sections 90,
90A, and Schedule 10 of the FSMA. The proposed representative proceedings, if
allowed, would permit a representative acting on behalf of unnamed claimants
to attempt to prove a violation of law without proof of damages, in contrast
to ordinary multi-party proceedings, which require proof of liability and
damages for each claimant.

 

In September 2022, Wirral had filed a representative claim generally asserting
that Indivior violated the FSMA by making misleading or dishonest statements
regarding an alleged fraudulent scheme to switch the market for its SUBOXONE®
branded products in published information relating to securities.  A similar
claim was filed against Reckitt Benckiser.

 

After hearing two days of argument in November 2023, the High Court on
December 5 issued a judgment granting Indivior's and Reckitt Benckiser's
applications to strike out the representative proceedings.  The Court
specifically found that it "would be unfair and unjust, and contrary to the
overriding objective, to allow the Representative Proceedings to oust the
jurisdiction of the Court to case manage the claims from the start." The
Court's judgment may be found here
(https://www.judiciary.uk/wp-content/uploads/2023/12/Wirral-Council-v-Invidior.pdf)
.

 

Wirral and other claimants separately had filed a multi-party action generally
alleging the same claims, and levied similar allegations against Reckitt
Benckiser Group PLC ("Reckitt Benckiser") in separate actions. Pursuant to the
Court's judgment, the claim against Indivior may only proceed in those
multi-party proceedings brought by the claimants named in those proceedings.
 

 

Wirral may seek permission to appeal the Court's judgment.

 

About Indivior

Indivior is a global pharmaceutical company working to help change patients'
lives by developing medicines to treat addiction and serious mental illnesses.
Our vision is that all patients around the world will have access to
evidence-based treatment for the chronic conditions and co-occurring disorders
of substance use disorder (SUD). Indivior is dedicated to transforming SUD
from a global human crisis to a recognized and treated chronic disease.
Building on its global portfolio of OUD treatments, Indivior has a pipeline of
product candidates designed to both expand on its heritage in this category
and potentially address other chronic conditions and co-occurring disorders of
SUD, including alcohol use disorder and cannabis use disorder. Headquartered
in the United States in Richmond, VA, Indivior employs more than 1,000
individuals globally and its portfolio of products is available in 37
countries worldwide. Visit www.indivior.com to learn more. Connect with
Indivior on LinkedIn by visiting www.linkedin.com/company/indivior.

 

This release is being made by Kathryn Hudson, Company Secretary Indivior PLC.

Media Contacts:

 

US Media:

Cassie France-Kelly

Vice President, Communications

Indivior PLC

Tel: 804-724-0327

 

UK Media:

Teneo

Tel: +44 207-353-4200

 

Investors and Analysts:

 

Jason Thompson

Vice President, Investor Relations

Indivior PLC

Tel: 804-402-7123

 

Tim Owens

Director, Investor Relations

Indivior PLC

Tel: 804-263-3978

 

 

-ends-

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCUVRSROAUURAA