Updated: December 23, 2020
Labaton Sucharow was appointed lead counsel on November 21, 2017 in this securities class action against Dr. Reddy’s Laboratories, a multinational pharmaceutical company based in Hyderabad, India. On March 5, 2018, the plaintiffs filed an amended complaint alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the SEC on behalf of entities who purchased or otherwise acquired publicly traded securities of Dr. Reddy’s Laboratories, Ltd. from November 27, 2014 through September 15, 2017. Specifically, Dr. Reddy’s misled investors about having robust quality processes and systems in place at its manufacturing facilities. Dr. Reddy’s shares dropped after a series of disclosures by the FDA and other regulators revealed that conditions at three key Indian manufacturing facilities violated FDA regulations, causing the company to delay production of a key product and miss earnings. The court heard oral argument on defendants’ motion to dismiss on August 8, 2018. On March 21, 2019, the court granted in part and denied in part defendants' motion to dismiss.
Discovery then commenced, and the Parties served their respective Fed. R. Civ. P. 26 initial disclosures, requests for the production of documents, and responses and objections to the requests for production of documents. In response, Defendants produced 20,277 records, comprised of 132,244 pages of documents.
On May 15, 2020, the Parties executed the Stipulation and Agreement of Settlement.
The case is In re Dr. Reddy’s Laboratories Limited Securities Litigation, No. 17-cv-06436 (D. N.J.). Labaton Sucharow represents lead plaintiff Public Employees’ Retirement System of Mississippi.
Submit Claim Form
If you purchased or otherwise Dr. Reddy’s American Depositary Shares (“ADSs”) on the New York Stock Exchange (“NYSE”) during the period from November 27, 2014 through September 15, 2017, inclusive (the “Class Period”), you may be entitled to a payment from a class action settlement. To be eligible for a payment, you must submit a Claim Form to the Claims Administrator by September 22, 2020.
The Court held the Settlement Hearing telephonically on December 23, 2020 and approved the Settlement, the Plan of Allocation, and the request for attorneys’ fees and expenses.
If you have questions about the Settlement, please contact Labaton Sucharow at email@example.com or 1-888-219-6877, or contact the Claims Administrator, at (855) 917-3520.
Additional information about the Settlement can also be found at: www.DrReddysSecuritiesSettlement.com.