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Name | Symbol | Market | Type |
---|---|---|---|
Sanofi | NASDAQ:GCVRZ | NASDAQ | Right |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.8711 | 0.87 | 5.95 | 0 | 01:00:00 |
The Alexander Firm P.C., A Professional Law Corporation, announces that investors of Sanofi Contingent Value Rights (“Sanofi” or the “Company”) (NASDAQ: GCVRZ) have until February 10, 2014, to move the Court to serve as Lead Plaintiff in the securities class action lawsuit filed in the United States District Court, Southern District of New York, on behalf of a class (the “Class”) consisting of all persons or entities who purchased or otherwise acquired the Contingent Value Rights (“CVRs”) of Sanofi between March 6, 2012 and November 7, 2013, inclusive (the “Class Period”).
Sanofi is a global healthcare company which is 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 (“FDA”) marketing approval in the U.S. and Europe. The Complaint alleges that defendants violated federal securities laws because they knew or recklessly disregarded, but failed to disclose, that: (a) defendants had materially misrepresented the safety and efficacy of Lemtrada in statements to investors and the public; (b) 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; (c) the Company lacked adequate internal controls; and (d) 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 have until February 10, 2014, to move the Court for Lead Plaintiff status. If you purchased or acquired Sanofi CVRs during, or prior to, the Class Period and wish to learn more concerning your rights or interests with respect to these matters, please contact Vahn Alexander, Esq., The Alexander Firm P.C., A Professional Law Corporation, 1875 Century Park East, Suite 700, Los Angeles, California 90067, by telephone at (310) 407-5335, or by email to info@alexanderfirmpc.com, or visit our website at www.alexanderfirmpc.com. To be a member of the Class you need not take any action at this time or may retain counsel of your choice. This press release may be considered Attorney Advertising in some jurisdictions.
The Alexander Firm P.C., A Professional Law Corporation.Vahn Alexander, Esq.Telephone: (310) 407-5335info@alexanderfirmpc.comwww.alexanderfirmpc.com
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