Glancy Prongay & Murray LLP Files Securities Fraud Lawsuit On Behalf Of Perrigo Company plc Shareholders

Glancy Prongay & Murray LLP (“GPM”), announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York, captioned French v. Perrigo Company plc, et al., Case No. 1:25-cv-09596, on behalf of persons and entities that purchased or otherwise acquired Perrigo Company plc (“Perrigo” or the “Company”) (NYSE: PRGO) securities between February 27, 2023 and November 4, 2025, inclusive (the “Class Period”). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”).

Investors are hereby notified that they have 60 days from the date of this notice to move the Court to serve as lead plaintiff in this action.

IF YOU SUFFERED A LOSS ON YOUR PERRIGO INVESTMENTS, CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS UNDER THE FEDERAL SECURITIES LAWS.

What Happened?

In November 2022, Perrigo acquired Nestlé’s Gateway infant formula plant in Wisconsin, along with the U.S. and Canadian rights to Nestlé’s Good Start infant formula brand, for $170 million.

On February 27, 2024, before the market opened, the Company reported fiscal year 2023 earnings, revealing significant acquisition and integration-related charges had to be taken, including an additional $35 million to $45 million for remediations to address production and facility issues in the infant formula business. Perrigo also disclosed a 50% decline in earnings per share compared to the prior year due to infant formula remediation actions. Nonetheless, the Company assured investors it anticipated the infant formula business stabilizing and returning to growth in the second half of the fiscal year.

On this news, the Company’s share price fell $4.87 or 15.14%, to close at $27.30 on February 27, 2024, on unusually heavy trading volume.

Then, on May 7, 2024, before the market opened, the Company released earnings for the first quarter ended March 30, 2024, revealing the significant negative impact of Perrigo’s costly actions to augment and strengthen the infant formula business, including that “net sales of $91 million decreased 34.5%” and the “gross margin of 36.5% declined 90 basis points.” Nonetheless, the Company assured investors “any planned large-scale manufacturing plant resets have been completed” and the cash costs in 2024 to achieve the remediation plan would stay flat at $35 to $45 million.