Law Offices of Howard G. Smith reminds investors of the upcoming February 21, 2025 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased AstraZeneca PLC (“AstraZeneca” or the “Company”) (NASDAQ: AZN) securities between February 23, 2022 and December 17, 2024, inclusive (the “Class Period”).
IF YOU ARE AN INVESTOR WHO SUFFERED A LOSS IN ASTRAZENECA PLC (AZN), CONTACT THE LAW OFFICES OF HOWARD G. SMITH TO PARTICIPATE IN THE ONGOING SECURITIES FRAUD LAWSUIT.
Contact the Law Offices of Howard G. Smith to discuss your legal rights by email at howardsmith@howardsmithlaw.com, by telephone at (215) 638-4847 or visit our website at www.howardsmithlaw.com.
What Happened?
On October 30, 2024, AstraZeneca disclosed that its International Executive Vice President and China President, Leon Wang, was under investigation by Chinese Authorities. On this news, AstraZeneca’s stock price fell $4.07, or 5.4%, over two consecutive trading days to close at $71.15 per share on November 1, 2024, thereby injuring investors.
Then, on November 5, 2024, news outlets reported that a fraud investigation linked to AstraZeneca had expanded to several Chinese government agencies, implicating dozens of senior executives at the Company. On this news, AstraZeneca’s stock price fell $5.16, or 7.2%, to close at $66.27 per share on November 5, 2024.
Then, on December 18, 2024, Financial Times reported that Wang had been arrested and that AstraZeneca “expect[ed] to see an ‘evident’ revenue hit in China in the wake of the arrest,” stating that “the sales impact is already very evident.” On this news, AstraZeneca’s stock price fell $2.54, or 3.8%, to close at $64.64 per share on December 18, 2024, thereby injuring investors further.
What Is The Lawsuit About?
The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) AstraZeneca engaged in insurance fraud in China; (2) as a result, AstraZeneca faced heightened legal exposure in China, which eventually resulted in the AstraZeneca China President being detained by Chinese law enforcement authorities; (3) as a result, AstraZeneca understated its legal risks; (4) the foregoing, once revealed, could materially harm AstraZeneca’s business activities in China; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired AstraZeneca securities during the Class Period, you may move the Court no later than February 21, 2025 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements.
Contact Us To Participate or Learn More:
If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us:
Law Offices of Howard G. Smith,
3070 Bristol Pike, Suite 112,
Bensalem, Pennsylvania 19020,
Telephone: (215) 638-4847
Email: howardsmith@howardsmithlaw.com
Visit our website at: www.howardsmithlaw.com.
To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20250107255129/en/