SAN FRANCISCO--(BUSINESS WIRE)-- The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of all purchasers of the contingent value rights (“CVRs”) of Sanofi (“Sanofi” or the “Company”) (NasdaqGM: GCVRZ) between March 6, 2012 and November 7, 2013, inclusive (the “Class Period”).
If you purchased the CVRs of Sanofi during the Class Period, you may move the Court for appointment as lead plaintiff by no later than February 10, 2014. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Sanofi investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Sanofi Securities Class Action Litigation
Sanofi is a global pharmaceutical group engaged in the research, development, manufacture and marketing of healthcare products.
The complaints allege that throughout the Class Period, Sanofi and certain of its senior executives made false and misleading statements and failed to disclose material adverse facts about the Company’s business, operations, and prospects, in violation of federal securities laws. Specifically, the complaints allege that defendants misrepresented the safety and efficacy of Lemtrada, a treatment for multiple sclerosis (“MS”). Defendants also misled investors about the design of two pivotal Lemtrada trials by failing to disclose that the trials contained high levels of placebo effect and observer bias, which tainted the results and thereby lowered the likelihood of approval by the Food and Drug Administration (the “FDA”).
On November 8, 2013, the FDA Advisory Committee on Peripheral and Central Nervous System Drugs issued a briefing report in advance of its November 13, 2013 hearing, finding that “significant concerns exist regarding the safety profile of alemtuzumab [Lemtrada] and the adequacy of the efficacy data.” On this news, Sanofi’s CVRs declined $1.23 per share, or nearly 62%, to close at $0.77 per share on November 8, 2013 on unusually high trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
Since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs’ law firms in the nation. In compiling the list, the National Law Journal examined recent verdicts and settlements in addition to overall track records. Lieff Cabraser is one of only two plaintiffs’ law firms in the United States to receive this honor for the last ten consecutive years.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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Lieff Cabraser Heimann & Bernstein, LLP
Sharon M. Lee, 1-800-541-7358
Source: Lieff Cabraser Heimann & Bernstein, LLP