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Perrigo plunges to nine-year lows on news of €1.64B Irish tax dispute

Published 12/21/2018, 01:09 PM
© Reuters.  Perrigo plunges to nine-year lows on news of €1.64B Irish tax dispute
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PRGO
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  • Perrigo (PRGO -26.3%) plummets as much as 27% to nine-year lows following the disclosure of a €1.64B (~$1.9B) bill for back taxes in Ireland.
  • The assessment is among the largest in Ireland’s history, and PRGO says it will "pursue all available administrative and judicial avenues as may be necessary or appropriate."
  • “Given the tax authority makes the rules, it seems reasonable to think they may have the upper hand in this argument,” says Wells Fargo (NYSE:WFC) health care analyst David Maris, who cuts his price target for PRGO shares to $46 from $64.
  • Maris questioned why it took so long for PRGO to tell investors when the assessment came at the end of November; after talking with company management, he says the company was “exhausting all options including getting more clarification” before making it public.
  • Now read: Wall Street Breakfast: Shutdown Fears Add To Market Turmoil


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