Settlement of City of Sterling Heights Police & Fire Retirement System v. Reckitt Benckiser Group plc, et al., No. 1:20-cv-10041-PKC
The parties have reached a settlement of this action, pending in the United States District Court for the Southern District of New York. The settlement provides for the payment of $19,600,000 for the benefit of eligible Class Members. Lead Plaintiff City of Birmingham Retirement and Relief System and additional plaintiff City of Sterling Heights Police & Fire Retirement System alleged that, throughout the Class Period (July 28, 2014 through April 9, 2019, inclusive), Defendants made materially false and misleading statements and/or failed to disclose adverse information regarding an alleged scheme to mislead investors and the public regarding the advantages of Suboxone Film, a drug marketed by Reckitt Benckiser Group plc’s (“Reckitt” or the “Company”) former subsidiary, which caused Reckitt’s American Depositary Shares (“ADS”) to trade at artificially inflated prices. When the market learned of the allegedly false and misleading statements, the Company’s ADS price declined significantly.
The Class consists of all Persons who purchased or otherwise acquired Reckitt ADSs during the Class Period, and were damaged thereby. Excluded from the Class are: (i) Defendants and the Former Defendants; (ii) members of the immediate family of each Defendant and Former Defendant; (iii) any Person who was an officer or director of Reckitt during the Class Period as well as members of their respective immediate families; (iv) any entity in which any Defendant or Former Defendant has or had a controlling interest; (v) any corporate parent and/or affiliate of Reckitt; and (vi) the legal representatives, heirs, successors-in-interest, or assigns of any such excluded Person. Also excluded from the Class is any Person who would otherwise be a Member of the Class but who validly and timely excluded himself, herself, or itself therefrom.
The settlement was approved by the Court on July 19, 2023.
If you have any questions about the settlement or the litigation, please contact the Shareholder Relations Department at 1-800-449-4900.