Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Alexion Pharmaceuticals, Inc.
Oklahoma City, OK (January 3, 2017) – On December 29, 2016, a securities class action lawsuit was filed in the United States District Court for the District of Connecticut against Alexion Pharmaceuticals, Inc. (NASDAQ: ALXN). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is February 10, 2014 through December 9, 2016. More specifically, this litigation was filed because Defendants made false and/or misleading statements and/or failed to disclose that: (i) Alexion employed improper sales practices with respect to Soliris; (ii) consequently, the Company’s revenues from Soliris sales were unlikely to be sustainable; and (iii) as a result of the foregoing, Alexion’s public statements were materially false and misleading at all relevant times.
On November 4, 2016, the Company cancelled an appearance at the November 6, 2016 Credit Suisse Healthcare Conference telling Leerink Partners LLC only that “something came up.” Following the cancellation, analysts noted that Alexion had also failed to file its Quarterly Report on Form 10-Q with the SEC within two days of its earnings announcement on October 27, 2016.
On November 9, 2016, post-market, the Company issued a press release announcing that the Company filed notification of late filing relating to its Quarterly Report (form 10-Q) for the quarter ended September 30, 2016.
On this news, Alexion’s share price declined to at $126.88 on November 10, 2016.
On November 15, 2016, the Company received a notification letter from the NASDAQ Stock Market giving the Company until January 17, 2017 to file its Form 10-Q or submit a plan to be in compliance with NASDAQ rules.
Plaintiff seeks to recover damages on behalf of all Alexion Pharmaceuticals, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Tuesday, January 17, 2017 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to firstname.lastname@example.org, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.
Posted on Tue, January 3, 2017
by Nancy Beatty filed under