San Diego, CA -- (SBWIRE) -- 08/31/2017 -- A participant in the Mallinckrodt PLC's Employee Stock Purchase Plan filed a lawsuit against Mallinckrodt Public Limited Company over alleged violations of § 11 of the Securities Act of 1933.

Those who participated in the Mallinckrodt PLC's Employee Stock Purchase Plan and purchased or otherwise acquired Mallinckrodt stock between November 25, 2014 and January 18, 2017, have certain options and for certain investors are short and strict deadlines running. Deadline: September 22, 2017. Mallinckrodt PLC (NYSE:MNK) investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.

On August 14, 2014, Mallinckrodt PLC acquired Questcor Pharmaceuticals, Inc. in a $5.6 billion transaction. As a result of the acquisition, Mallinckrodt added HP Acthar Gel ("Acthar"), an injectable medication made from pigs' pituitary glands, to its drug portfolio. Acthar is the only approved therapeutic preparation of adrenocorticotropic hormone ("ACTH") in the U.S., and is approved by the U.S. Food and Drug Administration ("FDA") as a treatment for 19 different conditions, including infantile spasms, and difficult-to-treat autoimmune and inflammatory conditions.

On November 9, 2015, Citron Research described Mallinckrodt's abuse of the pharmaceutical reimbursement system, and stated that Mallinckrodt has "significantly more downside" than rival Valeant Pharmaceuticals International, Inc. and is "a far worse offender" of the reimbursement system.

On November 16, 2016, Citron Research issued a report titled "Mallinckrodt CEO FRAUD exposed by the new Medicare Drug Dashboard". In this article, Citron stated that Mallinckrodt CEO has committed Fraud by lying to the shareholders about the Company's dependence on the Medicare system. Per Citron, Mallinckrodt drug Acthar, which is medically unproven, is now the most expensive drug reimbursed by Medicare. Citron has placed a price target of $20 on Mallinckrodt stock.

During a conference call with investors on November 29, 2016, Trudeau stated that "Acthar now represents a significantly greater proportion of our operating income than one-third."

Shares of Mallinckrodt PLC declined from $129.44 per share in May 2015 to as low as $52.59 per share on 12, November 2015, respectively $42.67 per share on January 18, 2017.

Those who participated in the Mallinckrodt PLC's Employee Stock Purchase Plan and purchased or otherwise acquired Mallinckrodt stock between November 25, 2014 and January 18, 2017 have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com