NEW YORK, March 22, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Mallinckrodt plc ("Mallinckrodt" or the "Company") (NYSE: MNK). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether Mallinckrodt and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

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On March 17, 2023, The Buxton Helmsley Group, Inc., a "New York City-based investment advisor to clients with financial interests in Mallinckrodt Plc", issued two open letters. In one open letter, addressed to U.S. Senators Elizabeth Warren and Sheldon Whitehouse, the Buxton Helmsley Group claimed to "deliver[] the audited results of an extensive investigation into financial misconduct at the Company involving an evidenced scheme of concealing asset value depreciation/impairment expenses, in violation of GAAP ASC 350, 360 and Regulation S-X, taking place both before and after the Company's Chapter 11 Reorganization." In the second open letter, addressed to Mallinckrodt's directors and officers, the Buxton Helmsley Group demanded, among other things, "the restatement of the historical financial statements of the Company, and . . . write-downs of post-reorganization asset values based on the Company's prior-professed standards of determining the fair value of asset's securing the Company's capital structure." 

On this news, Mallinckrodt's stock price fell $0.66 per share, or 7.82%, over the following two trading sessions, to close at $7.78 per share on March 20, 2023.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, London, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

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SOURCE Pomerantz LLP