On September 13, 2023, Labaton Sucharow secured a $125 million settlement (pending court approval) on behalf of Alexion investors in a securities class action.
The suit alleges that the global biopharmaceutical company engaged in illegal sales tactics to increase sales of Soliris, a drug used to treat blood disorders, resulting in a double-digit plunge in its stock price after the company issued corrective disclosures stating it was investigating whether its employees violated company policies.
U.S. District Judge Alvin W. Thompson granted class certification on April 13 to investors who acquired common stock from Jan. 30, 2014, to May 26, 2017. From January 30, 2014, to November 6, 2016, the alleged artificial inflation per share was $68.08, before hitting zero dollars on May 26, 2017, according to the proposed settlement agreement.
The plaintiffs alleged in the suit that the stock price started to plumet in November 2016, after the company issued corrective disclosures stating it was investigating whether employees violated company policies, and it had fallen 30% by the end of the class period.
Read the full article here: "Alexion Inks $125M Deal In Investors' Suit Over Sales Tactics"