|[January 17, 2014]
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit on Behalf of Investors of Sanofi Contingent Value Rights
LOS ANGELES --(Business Wire)--
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 Phae 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
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.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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