Full Press Release Details
| Corporate Relationship Department | National Stock Exchange of India Ltd. |
| BSE Limited | "Exchange Plaza" |
| Dalal Street, Fort | Bandra-Kurla Complex, Bandra (East), |
| Mumbai - 400 001 | Mumbai - 400 051 |
| Fax Nos.: 022-22723121 / 22723719 / | Fax Nos.: 022-26598120/ 26598237/ |
| 22722037 / 22722039 | 26598238 |
| Scrip Code: 500124 | Scrip Code: DRREDDY-EQ |
Dr. Reddy's Laboratories Ltd. (the
"Company"), Dr. Reddy's, Inc., and certain of the Company's current or former directors and officers (collectively,
the "Defendants"), have entered into a Stipulation and Agreement of Settlement (the "Stipulation") on May
15, 2020 with Lead Plaintiff the Public Employees' Retirement System of Mississippi in the putative securities class action
filed against the Defendants in the United States District Court for the District of New Jersey. As consideration for the settlement
of the class action, the Company has agreed to pay U.S. $9 million. The settlement is subject to the approval of the court and
may be terminated prior to court approval pursuant to the grounds for termination set forth in the Stipulation. Subject to the
terms of the Stipulation, in exchange for the settlement consideration, Lead Plaintiff and members of the settlement class who
do not opt-out of this settlement would release, among other things, the claims that were asserted, or that they could have asserted,
in this class action. In entering into the settlement, the Defendants do not admit, and explicitly deny, any liability or wrongdoing
The first putative class action complaint
in the litigation was filed on August 25, 2017, alleging violations of U.S. federal securities laws. The operative complaint, filed
on March 5, 2018, alleged that the Defendants made 22 false or misleading statements about the Company's compliance with
FDA regulations and inspectional observations, including with regard to the Company's remediation efforts and accompanying
delays in production. Prior to the settlement, on March 21, 2019, the court granted in part and denied in part the Defendants'
motion to dismiss, as a result of which 17 of the 22 alleged misstatements were dismissed. Subject to the terms of the Stipulation,
the settlement resolves the remainder of the litigation.
This is for your information.
| /s/ Sandeep Poddar | |
| Sandeep Poddar | |
| Company Secretary |
CC:- New York Stock Exchange Inc.(Stock Code :RDY)