SHAREHOLDER ALERT: Pomerantz Law Firm Has Filed a Class Action Against Sanofi
Pharmaceuticals, Inc. and Certain Officers - GCVRZ
NEW YORK, Jan. 24, 2014
NEW YORK, Jan. 24, 2014 /PRNewswire/ --Pomerantz LLP has filed a class action
lawsuit against Sanofi Pharmaceuticals, Inc. ("Sanofi" or the "Company")
(Nasdaq: GCVRZ) and certain of its officers. The class action, filed in United
States District Court, Southern District of New York, and docketed under
13-cv-8991, is on behalf of a class consisting of all persons or entities who
purchased or otherwise acquired Contingent Value Rights-2011 ("CVR's") related
to the performance of the Company's anti Multiple Sclerosis ("MS") drug
Lemtrada. (CUSIP: 80105N113) between March 6, 2012 and November 7, 2013 both
dates inclusive (the "Class Period"). This class action seeks to recover
damages against the Company and certain of its officers and directors as a
result of alleged violations of the federal securities laws pursuant to
Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5
If you are a shareholder who purchased the CVR's during the Class Period, you
have until February 10, 2014 to ask the Court to appoint you as Lead Plaintiff
for the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at
email@example.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237.
Those who inquire by e-mail are encouraged to include their mailing address,
telephone number, and number of shares purchased.
Sanofi is a global pharmaceutical group engaged in the research, development,
manufacture and marketing of healthcare products. Sanofi is the fifth largest
pharmaceutical group in the world and the third largest pharmaceutical group
in Europe. The company operates three main product segments: Pharmaceuticals,
Human Vaccines, and Animal Health.
The Complaint alleges that throughout the Class Period, Defendants made
materially false and misleading statements regarding the Company's business
and operations. Specifically, during the Class Period, Defendants
misrepresented to investors the efficacy and safety of the Company's MS drug
Lemtrada. The Company also misled investors regarding the design of its two
Lemtrada pivotal trials, the 323 and 324 trials, specifically failing to
disclose that the trials contained high levels of placebo effect and observer
bias which tainted the results, and thereby lowered the likelihood of approval
of Lemtrada by the FDA.
On November 8, 2013, the FDA Advisory Committee on Peripheral and Central
Nervous System Drugs issued a briefing report (the, "Briefing Report") in
advance of its November 13, 2013 hearing. The Briefing Report sharply
criticized the Company's submission to the FDA, and found that, "significant
concerns exist regarding the safety profile of alemtuzumab [Lemtrada] and the
adequacy of the efficacy data." On this news, Sanofi's CVRs declined $1.23 per
share or nearly 62%, to close at $0.77 per share on November 8, 2013 on volume
of over 30 million shares.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego,
is acknowledged as one of the premier firms in the areas of corporate,
securities, and antitrust class litigation. Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the Pomerantz Firm
pioneered the field of securities class actions. Today, more than 70 years
later, the Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of fiduciary duty,
and corporate misconduct. The Firm has recovered numerous multimillion-dollar
damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP
Press spacebar to pause and continue. Press esc to stop.