Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit on Behalf of Investors of Sanofi Contingent Value Rights
18 Gennaio 2014 - 3:32AM
Business Wire
Glancy Binkow & Goldberg LLP announces that a class action
lawsuit has been filed in the United States District Court for the
Southern District of New York on behalf of a class (the “Class”)
comprising all purchasers of the Contingent Value Rights (“CVRs”)
of Sanofi (NASDAQ:GCVRZ) between March 6, 2012 and November 7,
2013, inclusive (the “Class Period”).
A COPY OF THE COMPLAINT IS AVAILABLE FROM THE COURT OR FROM
GLANCY BINKOW & GOLDBERG LLP. PLEASE CONTACT US TOLL-FREE AT
888-773-9224, OR AT 212-682-5340, OR BY EMAIL TO
SHAREHOLDERS@GLANCYLAW.COM TO DISCUSS THIS MATTER. IF YOU INQUIRE
BY EMAIL PLEASE INCLUDE YOUR MAILING ADDRESS, TELEPHONE NUMBER AND
NUMBER OF SHARES PURCHASED.
Sanofi is a global healthcare company 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 marketing approval in the U.S. and Europe. The
Complaint alleges that defendants knew or recklessly disregarded
but failed to disclose that:
- Defendants had materially
misrepresented the safety and efficacy of Lemtrada in statements to
investors and the public.
- 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.
- The company lacked adequate internal
controls.
- 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 may move
the Court no later than February 10, 2014, to serve as lead
plaintiff; however, you must meet certain legal requirements If you
wish to learn more about this action or have any questions
concerning this announcement or your rights or interests with
respect to these matters, please contact Michael Goldberg, Esquire,
of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite
2100, Los Angeles, California 90067, Toll-Free at 888-773-9224, or
contact Gregory Linkh, Esquire, of Glancy Binkow & Goldberg LLP
at 122 E. 42nd Street, Suite 2920, New York, New York 10168, at
212-682-5340, by e-mail to shareholders@glancylaw.com, or visit our
website at http://www.glancylaw.com. If you inquire by email please
include your mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Glancy Binkow & Goldberg LLP, Los Angeles, CAMichael
Goldberg, 888-773-9224orGlancy Binkow & Goldberg LLP, New York,
NYGregory Linkh, 212-682-5340 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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