SANOFI CONTINGENT VALUE RIGHTS SHAREHOLDERS: The Alexander Firm P.C. Announces Upcoming Lead Plaintiff Deadline in Class Acti...
29 January 2014 - 5:31AM
Business Wire
The Alexander Firm P.C., A Professional Law Corporation,
announces that investors of Sanofi Contingent Value Rights
(“Sanofi” or the “Company”) (NASDAQ: GCVRZ) have until February 10,
2014, to move the Court to serve as Lead Plaintiff in the
securities class action lawsuit filed in the United States District
Court, Southern District of New York, on behalf of a class (the
“Class”) consisting of all persons or entities who purchased or
otherwise acquired the Contingent Value Rights (“CVRs”) of Sanofi
between March 6, 2012 and November 7, 2013, inclusive (the “Class
Period”).
Sanofi is a global healthcare company which is engaged in the
research, development, manufacture and marketing of healthcare
products, including pharmaceuticals and vaccines. Sanofi’s multiple
sclerosis therapy, Lemtrada™ (alemtuzumab), has completed two Phase
III clinical studies and is under review for U.S. Food and Drug
Administration (“FDA”) marketing approval in the U.S. and Europe.
The Complaint alleges that defendants violated federal securities
laws because they knew or recklessly disregarded, but failed to
disclose, that: (a) defendants had materially misrepresented the
safety and efficacy of Lemtrada in statements to investors and the
public; (b) the design of the Lemtrada trials contained high levels
of placebo effect and observer bias, which tainted the results and
lowered the likelihood of FDA approval; (c) the Company lacked
adequate internal controls; and (d) defendants lacked a reasonable
basis for their positive statements about Lemtrada and its
prospects.
On November 8, 2013, a report prepared ahead of a FDA advisory
panel meeting noted “serious and potentially fatal” risks of
autoimmune diseases including “blood disorders, infections and
cancer.” The FDA staff did not recommend approval of Lemtrada
“unless substantial clinical benefit exists.” Following this news,
Sanofi CVRs dropped more than 60%, to a closing price of $0.77 per
share on November 8, 2013, on extremely heavy trading volume.
If you are a member of the Class described above, you have until
February 10, 2014, to move the Court for Lead Plaintiff status. If
you purchased or acquired Sanofi CVRs during, or prior to, the
Class Period and wish to learn more concerning your rights or
interests with respect to these matters, please contact Vahn
Alexander, Esq., The Alexander Firm P.C., A Professional Law
Corporation, 1875 Century Park East, Suite 700, Los Angeles,
California 90067, by telephone at (310) 407-5335, or by email to
info@alexanderfirmpc.com, or visit our website at
www.alexanderfirmpc.com. To be a member of the Class you need not
take any action at this time or may retain counsel of your choice.
This press release may be considered Attorney Advertising in some
jurisdictions.
The Alexander Firm P.C., A Professional Law Corporation.Vahn
Alexander, Esq.Telephone: (310)
407-5335info@alexanderfirmpc.comwww.alexanderfirmpc.com
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