LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) comprising all purchasers of the Contingent Value Rights (“CVRs”) of Sanofi (NASDAQ:GCVRZ) between March 6, 2012 and November 7, 2013, inclusive (the “Class Period”).
A COPY OF THE COMPLAINT IS AVAILABLE FROM THE COURT OR FROM GLANCY BINKOW & GOLDBERG LLP. PLEASE CONTACT US TOLL-FREE AT 888-773-9224, OR AT 212-682-5340, OR BY EMAIL TO SHAREHOLDERS@GLANCYLAW.COM TO DISCUSS THIS MATTER. IF YOU INQUIRE BY EMAIL PLEASE INCLUDE YOUR MAILING ADDRESS, TELEPHONE NUMBER AND NUMBER OF SHARES PURCHASED.
Sanofi is a global healthcare company engaged in the research, development, manufacture and marketing of healthcare products, including pharmaceuticals and vaccines. Sanofi’s multiple sclerosis therapy, Lemtrada™ (alemtuzumab), has completed two Phase III clinical studies and is under review for U.S. Food and Drug Administration marketing approval in the U.S. and Europe. The Complaint alleges that defendants knew or recklessly disregarded but failed to disclose that:
- Defendants had materially misrepresented the safety and efficacy of Lemtrada in statements to investors and the public.
- The design of the Lemtrada trials contained high levels of placebo effect and observer bias, which tainted the results and lowered the likelihood of FDA approval.
- The company lacked adequate internal controls.
- Defendants lacked a reasonable basis for their positive statements about Lemtrada and its prospects.
On November 8, 2013, a report prepared ahead of a FDA advisory panel meeting noted “serious and potentially fatal” risks of autoimmune diseases including “blood disorders, infections and cancer.” The FDA staff did not recommend approval of Lemtrada “unless substantial clinical benefit exists.” Following this news, Sanofi CVRs dropped more than 60%, to a closing price of $0.77 per share on November 8, 2013, on extremely heavy trading volume.
If you are a member of the Class described above, you may move the Court no later than February 10, 2014, to serve as lead plaintiff; however, you must meet certain legal requirements If you wish to learn more about this action or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, Toll-Free at 888-773-9224, or contact Gregory Linkh, Esquire, of Glancy Binkow & Goldberg LLP at 122 E. 42nd Street, Suite 2920, New York, New York 10168, at 212-682-5340, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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