NEW YORK, June 14, 2017 /PRNewswire-USNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Roche Holding AG ("Roche" or the "Company") (Other OTC: RHHBY) of the August 7, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Roche stock or options between March 2, 2017 and June 5, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/RHHBY. There is no cost or obligation to you.
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The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased Roche securities between March 2, 2017 and June 5, 2017 (the "Class Period"). The case, Biondolillo v. Roche Holding AG et al., No. 3:17-cv-04056 was filed on June 6, 2017.
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: (1) the combination of the Company's breast cancer drug, Perjeta and its older treatment, Herceptin, is only marginally more effective than Herceptin alone in preventing breast cancer; and (2) as a result, the Company's statements about its business, operations and prospects were materially false and misleading and/or lacked a reasonable basis.
Specifically, on June 5, 2017, the Company issued a press release entitled, "APHINITY study shows Roche's Perjeta-based regimen reduced the risk of invasive cancer returning compared to Herceptin and chemotherapy in HER2-positive early breast cancer." Following this release, Financial Times published an article stating that oncologists may refrain from using the Company's new combination of Perjeta and Herceptin going forward as a result of Roche's latest trial results. Additionally, Bloomberg Quint published an article stating that Roche's latest trial results do not justify switching a majority of patients to Roche's new combination treatment. Lastly, Fox Business published an article that discussed the concerns of medical professionals regarding Roche's trial results.
On this news, Roche's share price fell from $34.37 on June 2, 2017 to a closing price of $32.61 on June 5, 2017—a $1.76 or a 5.12% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who 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 to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Roche's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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