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.
Copyright Business Wire 2014