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MYL

Mylan

$36.47

-1.09 (-2.90%)

12:42
11/21/16
11/21
12:42
11/21/16
12:42

Senator questions 'misleading' Mylan settlement news, requests SEC involvement

Senator Chuck Grassley released the following November 15 letter to the SEC: "On October 7, Mylan issued a press release announcing that it 'agreed to the terms of a $465M settlement with DOJ and other government agencies.' Mylan proceeded to discuss the terms of the settlement... Later, DOJ said that "there is no executed settlement agreement. Mylan's press release buried this fact on the last sentence of the third paragraph when it said it 'will continue to work with the government to finalize the settlement' after noting alleged agreed-upon terms of the settlement. On balance, Mylan's press release appears to go well beyond DOJ's position, calling into question the accuracy of the press release... Mylan's assertion... was also repeated in its 8-K report which was filed the same day as the press release. The 8-K also mentions an SEC investigation... This seems to contradict Mylan's claim that all potential liability claims have been resolved... Given the dissonance between the press release, the 8-K filing, and the fact that no settlement agreement has been executed, Mylan should explain why it released such a strongly worded press release knowing that a finalized settlement did not yet exist and given the apparent SEC investigation. Further, it has now been over five weeks since Mylan's press release and apparently a settlement has still not been executed. Under the Securities and Exchange Act of 1934, the SEC may bring an action against companies and individuals who use any 'manipulative or deceptive devices' in connection with the purchase or sale of any security... Courts have also held that that a company and its officers and directors can be held liable for misleading press releases under the Act... Companies cannot be allowed to manipulate the markets and investors via press releases. Accordingly, since the SEC is already investigating Mylan, I request that you inform the Committee as to whether the SEC is looking into Mylan's press release to determine if it was materially misleading. Please respond no later than November 29." Reference Link

  • 28

    Mar

MYL Mylan
$36.47

-1.09 (-2.90%)

10/10/16
WELS
10/10/16
NO CHANGE
WELS
Mylan settlement does not end EpiPen issue, says Wells Fargo
In a research note titled "Forget After Hrs. Quarterbacking - It is Not Back to Normal," Wells Fargo analyst David Maris says Mylan questions still remain after the company's lowered 2016 outlook and $465M Department of Justice settlement. One of Mylan's earnings levers, EpiPen pricing, is now off the table going forward, Maris tells investors in a research note. The analyst disagrees with investors that think the settlement puts the EpiPen pricing issue largely behind the company. The deal with the DOJ addresses only the Centers for Medicare and Medicaid Services portion of the issue, it does nothing to answer the original issue of EpiPen pricing and consumers, Maris contends. He points out that Mylan also disclosed in Friday's regulatory filing, but not in its press release, an SEC investigation by the Division of Enforcement. Maris says he's "not too excited" and doesn't gauge how good the news is by the after-hours share rally of 10%. He believes Mylan is "not back to normal" and keeps a Market Perform rating on the stock with a $43-$45 price target range. The shares are up 12% in pre-market trading to $40.35. Raymond James this morning upgraded Mylan to Strong Buy.
10/10/16
10/10/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Mylan (MYL) upgraded to Strong Buy from Market Perform at Raymond James with Elliot WIlbur saying the Department of Justice settlement over EpiPen rebates eliminates a significant overhang on shares enabling the focus to be back on fundamentals. 2. Under Armour (UA) upgraded to Outperform from Market Perform at Wells Fargo with analyst Tom Nikic saying "noise" from the Sports Authority's bankruptcy is fading while distribution expansion could lead to sales re-acceleration over the next 12-18 months. 3. Deere (DE) and AGCO (AGCO) were upgraded to Outperform from Market Perform at Wells Fargo. 4. Dow Chemical (DOW) upgraded to Buy from Neutral at UBS with analyst John Roberts saying the merger with DuPont (DD) could gain regulatory approval and that the stock is "now too cheap to ignore." 5. Exelixis (EXEL) upgraded to Overweight from Neutral at Piper Jaffray with analyst Edward Tenthoff saying the data are "good enough" to file a supplemental new drug application and could drive off-label front-line RCC use. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/25/16
MZHO
10/25/16
INITIATION
Target $49
MZHO
Buy
Mylan initiated with a Buy at Mizuho
Mizuho analyst Irina Koffler initiated Mylan with a Buy and a $49 price target.
10/26/16
10/26/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Mylan (MYL) initiated with a Buy at Mizuho. 2. Five Below (FIVE) initiated with a Buy at Longbow. 3. NetSuite (N) reinstated with an Underperform at BofA/Merrill. 4. Adient (ADNT) initiated with a Buy at Northcoast. 5. Party City (PRTY) initiated with a Neutral at Goldman. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

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