The filed complaint alleges that Perrigo Company plc made materially false and/or misleading statements and/or failed to disclose that: (1) the infant formula business acquired from Nestlé suffered from significant underinvestment in maintenance, operational improvements, and repairs; (2) Perrigo needed to make substantial capital and operational expenditures above the Company’s outwardly stated cost estimates to remediate the infant formula business; (3) there were significant manufacturing deficiencies in the facility for the Company’s infant formula business; (4) as a result of the foregoing, the Company’s financial results, including earnings and cash flow, were overstated; and (5) as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.