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 rswilloughby@pomlaw.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.
CONTACT:
Robert S.
Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
SOURCE Pomerantz LLP