CHICAGO, July 26, 2018 /PRNewswire/ -- Keller Lenkner LLC ("Keller Lenkner") today announced that a class action has been commenced by an institutional investor on behalf of purchasers of AbbVie Inc. ("AbbVie" or the "Company") (NYSE:ABBV) securities on May 30, 2018 (the "Class Period"). The action was filed in the Northern District of Illinois and is captioned Walleye Trading LLC v. AbbVie Inc., et al., No. 1:18-cv-05114.
The complaint charges that AbbVie and one of its officers violated the Securities Exchange Act of 1934 by issuing false and misleading statements, in both press releases and filings with the U.S. Securities and Exchange Commission, regarding the results of the Company's $7.5 billion modified Dutch auction tender offer that expired on May 29, 2018 (the "Tender Offer"). Specifically, the complaint alleges that before the opening of trading on May 30, 2018, the Company announced that it expected to acquire 71.4 million of its shares tendered at or below $105 per share. As a result of that news, the price of AbbVie securities significantly increased. However, after the close of trading on May 30, 2018, the Company surprised the market by releasing materially different results for the Tender Offer due to certain omissions, announcing that the Company expected to acquire only those shares tendered at or below $103 per share. The price of the Company's shares fell sharply on the news, harming all investors that purchased AbbVie securities at artificially inflated prices on May 30, 2018.
If you wish to serve as lead plaintiff for the Class, you must file a motion with the Court no later than September 24, 2018, which is the first business day on which the District Court for the Northern District of Illinois is open that is 60 days after the publication date of July 26, 2018. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice.
The plaintiff seeks to recover damages on behalf of all purchasers of AbbVie securities during the Class Period and is represented by Keller Lenkner. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Ashley Keller of Keller Lenkner at 312-741-5220, or via e-mail at email@example.com
Keller Lenkner pursues high-stakes litigation for plaintiffs across a variety of claims and practice areas. Its lawyers are uniquely situated at the intersection of law and finance, with experience that includes litigating in courts throughout the country as well as co-founding the world's largest private litigation finance firm. www.kellerlenkner.com
SOURCE Keller Lenkner LLC