Law Offices of Howard G. Smith announces an investigation on behalf of Regeneron Pharmaceuticals, Inc. (“Regeneron” or the “Company”) (NASDAQ: REGN) investors concerning the Company’s possible violations of federal securities laws.
On April 10, 2024, the US Department of Justice (“DOJ”) announced the United States had filed a complaint against Regeneron under the False Claims Act. That announcement stated the complaint “alleges that Regeneron fraudulently inflated Medicare reimbursement rates for Eylea by knowingly submitting false average sales price reports to the Centers for Medicare and Medicaid Services that excluded certain price concessions.” According to that announcement, “[b]y doing so, Regeneron greatly inflated the costs of its drug to Medicare over many years and enhanced its revenues.”
On this news, Regeneron’s stock price fell $31.50, or 3.4%, over two consecutive trading days to close at $904.70 per share on April 12, 2024, thereby injuring investors.
Then, on October 31, 2024, Regeneron released its third quarter 2024 financial results, reporting “U.S. net sales for EYLEA HD® and EYLEA® increased 3% versus third quarter 2023 to $1.54 billion, including $392 million from EYLEA HD.” The Company also revealed that “[n]et product sales of EYLEA in the third quarter of 2024 were adversely impacted by a lower net selling price compared to the third quarter of 2023.” In the wake of this news, Reuters reported the Company had “reported weaker-than-expected quarterly sales of the higher dose version of its blockbuster eye disease drug Eylea.”
On this news, Regeneron’s stock price fell $84.59, or 9.2%, to close at $838.20 per share on October 31, 2024, thereby injuring investors further.
If you purchased Regeneron securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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