Izard Nobel LLP Announces Class Action Lawsuit Against Perrigo Company

HARTFORD, CT--(Marketwire - March 11, 2009) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased the common stock of Perrigo Company ("Perrigo" or the "Company") (NASDAQ: PRGO) between November 6, 2008 and February 2, 2009, inclusive (the "Class Period").

The Complaint charges that Perrigo and certain of its officers and directors violated federal securities laws by issuing materially false statements regarding the Company's exposure to at least $18 million of Auction Rate Securities ("ARS"). In January and February of 2008, auctions of ARS began to fail, limiting the ability of holders to sell these securities. Nevertheless, Perrigo had a reasonable expectation of redeeming its $18 million in ARS until September 15, 2008 when Lehman Brothers Holdings, Inc. ("Lehman"), the bank that underwrote and sold the ARS to Perrigo, declared bankruptcy.

On November 6, 2008, the beginning of the Class Period, defendants reported the "fair value" of Perrigo's ARS as $14,500,000, but concealed the impact of Lehman's bankruptcy on Perrigo's ARS. Then on February 3, 2009, defendants disclosed that Lehman had underwritten and sold the ARS to Perrigo and that the Company was writing off the entire value of its ARS, wiping out over a third of Perrigo's earnings. On this news, Perrigo's stock price fell 18%.

If you are a member of the class, you may, no later than May 11, 2009, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/perrigo/, or contact Izard Nobel LLP toll-free: (800) 797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.