Reckitt and Invidior hit by lawsuit linked to America’s opioid crisis
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Consumer giant Reckitt and drug firm Invidior hit by lawsuit over US opioid crisis
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Giant of consumer goods Reckit Benckiser and drug company Invidor have been hit by a lawsuit related to the opioid crisis in America.
The UK class action relates to alleged false marketing of Suboxone – a drug used to treat opioid addiction – by Indivior, a former subsidiary of FTSE100 giant Reckitt, whose products range from Dettol to Lemsip.
It comes after the two companies agreed to pay a combined £1.66 billion in fines to settle investigations by the US Department of Justice.
The allegations relate to losses suffered by shareholders in the wake of the Suboxone scandal
Lawyers for Mishcon de Reya have been summoned by the Wirral Borough Council to pursue the claim, but hundreds of other investors are also reportedly involved. The case may be worth hundreds of millions of pounds, sources say.
The allegations relate to losses suffered by shareholders in the wake of the Suboxone scandal.
America has been battling its opioid crisis for more than 20 years. The Council on Foreign Relations has reported that opioid-related overdoses kill 1,500 people in the US every week. Suboxone is a drug used by recovering opioid addicts to reduce withdrawal symptoms.
Court documents seen by the MoS allege that Indivior published documents that contained “misleading statements” and failed to provide investors with “complete and fair information.”
Indivior said he was aware of the claim and intended to defend it “vigorously” as he believed it to be unfounded. Reckitt denies involvement in wrongful conduct.