ST. LOUIS — A stock purchase representative has filed suit against a pharmaceutical company and its directors, citing alleged breach of fiduciary duty.

Robert J. Solomon filed the complaint on July 20 in the U.S. District Court for the Eastern District of Missouri against Mallinckrodt Public Limited Company, Mark C. Trudeau, Matthew K. Harbaugh, et al., alleging that the defendants violated Section 11 of the Securities Act of 1933.

According to the complaint the plaintiff alleges that between Nov. 25, 2014 and Jan. 18, 2017, after purchasing the defendants' company stock in the Employee Stock Purchase Plans (ESPP), he sustained damages as the value of Mallinckrodt's stock substantially declined. The plaintiff alleges that the registration statements underlying the offerings on the stock were inaccurate, misleading and contained untrue statements of material facts. 

The plaintiff hold the defendants responsible for failing to inform him of all of the relevant facts surrounding the investment and allowing the investment to continue even though they knew or should have known that the investment was imprudent and likely to result in significant losses for the plaintiff.

The plaintiff requests a trial by jury and seeks judgment for any losses suffered and any other relief deemed just and proper under the circumstances. He is represented by Don R. Lolli of Dysart Taylor Cotter McMonigle & Montemore PC in Kansas City, Mo. and Thomas J. McKenna and Gregory M. Egleston of Gainey McKenna & Egleston in New York.

U.S. District Court for the Eastern District of Missouri case number 4:17-cv-02042-AGF

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