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 promulgated thereunder.
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 firstname.lastname@example.org 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