aibioPerrigo faces New York securities class action over infant formula statements
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The 10-Q names Perrigo, CFO Eduardo Bezerra and former CEOs Patrick Lockwood-Taylor and Murray Kessler in French v. Perrigo. A Teamsters pension fund is lead plaintiff and filed an amended complaint on May 1, 2026.
Key facts
- Company
- Perrigo Company plc (NYSE: PRGO)
- News type
- Legal
- Primary source
- Perrigo 10-Q for the quarter ended June 27, 2026 (SEC EDGAR)
Perrigo Company plc (NYSE: PRGO) described a purported securities class action in its 10-Q filed August 5, 2026. The case, Tanner French v. Perrigo Company plc, et al., was filed on November 17, 2025 in the U.S. District Court for the Southern District of New York. It names the company, current chief financial officer Eduardo Bezerra, former chief executive officer Patrick Lockwood-Taylor and former chief executive officer Murray Kessler as defendants. The 10-Q gives no case number.
The court appointed the International Brotherhood of Teamsters Local No. 710 Pension Fund as lead plaintiff on February 13, 2026 and approved Cohen Milstein as lead counsel for the proposed class. The lead plaintiff filed an amended complaint on May 1, 2026. Perrigo says it intends to defend the lawsuit vigorously.
The case
The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5. It is based on statements by the company and its current and former executives about the infant formula business and the strategic review of that business announced in November 2025. The 10-Q describes a purported class of shareholders for the period from November 1, 2022 through November 5, 2025, inclusive.
That period is longer than the one first reported. Perrigo's 2025 10-K said the original plaintiff, an individual shareholder, sought to represent shareholders from February 27, 2023 through November 4, 2025. These are allegations, and the filings do not describe what the amended complaint says in detail or how much the plaintiffs seek.
Defendants
The 10-Q names four defendants: Perrigo Company plc, Bezerra, Lockwood-Taylor and Kessler. The 10-K listed Lockwood-Taylor as current chief executive officer. In an 8-K filed June 8, 2026, Perrigo said he resigned on June 7, 2026 as president, chief executive officer and a director. Albert A. Manzone, a director, is interim president and chief executive officer, according to the 10-Q. No filing names any other individual or any director as a defendant in this case.
Where it stands
The lead plaintiff has filed an amended complaint, and the 10-Q does not report a motion to dismiss, a briefing schedule or a hearing date. Perrigo gives no estimate of loss for this case. It reports a total loss accrual for litigation contingencies of $91.9 million at June 27, 2026, including discontinued operations, and a recovery receivable of $48.4 million. The 10-Q presents those figures for all the matters in its legal note, not for this suit.
Why it matters to shareholders
The 10-Q lists several other proceedings alongside the securities case. Perrigo is a defendant in 50 pending complaints over alleged generic drug price fixing, most of them consolidated in a multidistrict litigation in Pennsylvania. A state attorneys general bellwether trial is set to begin on February 3, 2027, and Perrigo reached an agreement in June 2026 to settle Humana's claims in a second bellwether case.
Perrigo is also named in about 220 pending talc lawsuits and says about 115 new complaints were filed against it in the first half of 2026. It has reached an agreement in principle to settle antitrust claims in two infant formula cases in New York federal court, the PLD Action and the Conry Action.
An earlier securities class action over events in 2015 to 2017, Roofer's Pension Fund v. Papa, and related opt-out suits were resolved during fiscal 2024 or 2025, according to the 10-K.