The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) Alexion employed improper sales practices with respect to Soliris, a monoclonal antibody for the treatment of paroxysmal nocturnal hemoglobinuria (PNH); (ii) the Company's revenues from Soliris sales were unlikely to be sustainable; and (iii) as a result, Alexion's public statements were materially false and misleading.
Specifically, on November 4, 2016, Alexion cancelled an appearance at the Credit Suisse Healthcare Conference and failed to file its quarterly report by market close within its historical two-day window following an earnings announcement on October 27, 2016. On this news, Alexion's share price fell from $129.00 per share on November 4, 2016 to a closing price of $120.05 on November 7, 2016—a $8.95 or a 6.94% drop.
Additionally, after-market close on November 9, 2016, Alexion filed a Form 8-K and a Form NT 10-Q with the U.S. Securities and Exchange Commission disclosing it would not be able to timely file its financial and operating results for the quarter ended September 30, 2016. On this news, Alexion's share price fell from $127.16 per share on November 9, 2016 to a closing price of $126.88 on November 10, 2016—a $0.28 or a 0.22% drop. The Company's share price significantly declined the next trading day to a closing price of $113.62 on November 11, 2016—a $13.26 or a 10.45% drop from November 10, 2016.
Lastly, pre-market on December 12, 2016, the Company announced the resignations of Chief Executive Officer, David Hallal, and Chief Financial Officer, Vikas Sinha. On this news, Alexion's share price fell from $132.07 per share on December 9, 2016 to a closing price of $115.08 on December 12, 2016—a $16.99 or a 12.86% drop.
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If you invested in Alexion common stock or options between February 10, 2014 and December 9, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/ALXN. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Alexion's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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SOURCE Faruqi & Faruqi, LLP