Robbins Arroyo LLP: Alexion Pharmaceuticals, Inc. (ALXN) Misled Shareholders According to a Recently Filed Class Action
November 22 2016 - 2:59PM
Business Wire
Shareholder rights law firm Robbins Arroyo LLP announces that a
class action complaint was filed against Alexion Pharmaceuticals,
Inc. (NASDAQGS: ALXN) in the U.S. District Court for the Southern
District of New York. The complaint is brought on behalf of all
purchasers of Alexion securities between February 10, 2014 and
November 9, 2016, for alleged violations of the Securities Exchange
Act of 1934 by Alexion's officers and directors. Alexion, a
biopharmaceutical company, develops and commercializes
life-transforming therapeutic products. Among the company's
products is Soliris, a monoclonal antibody for the treatment of
paroxysmal nocturnal hemoglobinuria and atypical hemolytic uremic
syndrome.
View this information on the law firm's Shareholder Rights Blog:
http://www.robbinsarroyo.com/shareholders-rights-blog/alexion-pharmaceuticals-inc-nov-2016
Alexion Accused of Engaging in Improper Sales
Practices
According to the complaint, Alexion submitted several filings
with the U.S. Securities and Exchange Commission stating that the
financial information was accurate and disclosed any material
changes to the company's internal control over financial reporting.
The company's Q2 2016 8-K noted that Soliris net product sales were
$701 million, compared to $636 million in Q2 2015, representing a
10% increase and 15% year-on-year increase. However, the complaint
alleges that Alexion officials failed to disclose that Alexion
employed improper sales practices with respect to Soliris and,
consequently, the company's revenues from Soliris sales were
unlikely to be sustainable.
On November 4, 2016, Alexion canceled an appearance at the
Credit Suisse Healthcare Conference, telling Leerink Partners LLC
that "something came up." On November 9, 2016, the company
announced that it would be unable to timely file its Form 10-Q for
the quarter ended September 30, 2016, citing an internal
investigation concerning the company's Soliris sales practices.
Alexion stated that company personnel may have engaged in sales
practices that were inconsistent with company policies and
procedures. On this news, Alexion's stock fell $13.54 per share, or
10.65%, to close at $113.62 per share on November 11, 2016.
Alexion Shareholders Have Legal Options
Concerned shareholders who would like more information about
their rights and potential remedies can contact attorney Darnell R.
Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the
shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
shareholder rights law. The firm represents individual and
institutional investors in shareholder derivative and securities
class action lawsuits, and has helped its clients realize more than
$1 billion of value for themselves and the companies in which they
have invested.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: http://www.businesswire.com/news/home/20161122006090/en/
Robbins Arroyo LLPDarnell R. Donahue(619) 525-3990 or Toll Free
(800) 350-6003DDonahue@robbinsarroyo.comwww.robbinsarroyo.com
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