Perrigo Investor Claims Trimmed on Way to Trial Over Mylan Bid

Perrigo Co. PLC investors have a smaller foothold as they proceed toward trial on allegations that the pharmaceutical company overstated its value to fight a takeover attempt by Mylan NV in 2015, leading to a stock drop.

Two former executives are off the hook for allegedly misleading investors on generic-drug pricing issues in the class action, Judge Renee Marie Bumb said Thursday for the US District Court for the District of New Jersey. More briefing is needed on whether and how the investors can establish the corporation’s intent for that claim, Bumb said, citing differing approaches by federal appeals courts. ...