ABBVIE LEAD PLAINTIFF DEADLINE ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $100,000 In AbbVie, Inc. To Contact The Firm
NEW YORK, Nov. 06, 2018 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in AbbVie, Inc. (“AbbVie” or the “Company”) (NYSE:ABBV) of the November 20, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in AbbVie stock or options between October 25, 2013 and September 18, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/ABBV. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
CONTACT: FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017Attn: Richard Gonnello, Esq.email@example.comTelephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased AbbVie securities between October 25, 2013 and September 18, 2018 (the “Class Period”). The case, Pippins v. AbbVie, Inc. et al, No. 18-cv-08225 was filed on September 21, 2018 and has been assigned to Judge Dale S. Fischer.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) AbbVie’s strategy to increase the sales growth of its blockbuster drug, HUMIRA, was through illegal kickbacks and unlawful sales and marketing tactics; (2) such practices would lead to heightened scrutiny by State governments and agencies; and (3) as a result, Defendants’ public statements were materially false and misleading at all relevant times.
Specifically, on September 18, 2018, Bloomberg published an article entitled, “California Sues AbbVie Over Alleged Arthritis Drug Kickbacks,” asserting the State of California filed a lawsuit against AbbVie for engaging in a kickback scheme aimed to boost HUMIRA sales. The article provides that the lawsuit seeks damages involving “private insurance claims.”
On this news, the Company’s stock price fell, over two consecutive trading days, from $95.37 per share on September 17, 2018 to $91.02 per share on September 19, 2018—a $4.35 or 4.56% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding AbbVie’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.