NEW YORK, April 9, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Mallinckrodt plc (“Mallinckrodt” or the “Company”) MNK. Those investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, extension 7980.

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

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On March 17, 2023, The Buxton Helmsley Group, Inc., a “New York City-based investment adviser to clients with financial interests in Mallinckrodt Plc,” issued two open letters. In an open letter to US Senators Elizabeth Warren and Sheldon Whitehouse, the Buxton Helmsley Group claimed it was “delivering[] the audited results of a comprehensive investigation into the company’s financial misconduct, which included a proven plan to conceal an asset depreciation/impairment expense in violation of GAAP ASC 350, 360 and Regulation SX and both before and after the company’s Chapter reorganization 11 took place. ” In the second open letter, addressed to Mallinckrodt’s directors and officers, the Buxton Helmsley Group requested, among other things, “the restatement of the Company’s historical financial statements and . . . Depreciation of assets following the reorganization based on the Company’s previously explained standards for determining the fair value of assets to safeguard the Company’s capital structure.”

As a result of this news, Mallinckrodt’s stock price fell $0.66 per share, or 7.82%, in the following two trading sessions to close at $7.78 per share on March 20, 2023.

The Pomerantz law firm, with offices in New York, Chicago, Los Angeles, London and Paris, is recognized as one of the leading law firms in the areas of corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, best known as the Dean of the Class Attorney’s Association, the Pomerantz firm is…