Perrigo acquired Nestlé’s Gateway infant formula plant and U.S./Canadian rights to the Good Start brand in November 2022 for $170 million. The class action alleges defendants misled investors by failing to disclose the acquisition was underinvested, required substantial additional capital and operational remediation, had manufacturing deficiencies, and resulted in overstated earnings and cash flow. Disclosures on Feb. 27, 2024 (one‑time $35–45M remediation, ~50% EPS decline, lower operating income), May 7, 2024 ($91M net sales down 34.5%, adverse margin impact), Aug. 6, 2025 ($30M adjusted gross profit decline, margin contraction from production scrap), and Nov. 5, 2025 (strategic review, reassessment of a $240M investment, cuts to FY2025 sales and EPS guidance) each precipitated material stock declines.