If you lost money when Alexion’s stock price dropped on November 10, 2016, you may wish to consider pursuing a role as lead plaintiff in the class action. Based on your purchases and sales of Alexion stock, we can help advise you on whether to pursue a role as lead plaintiff, the process to do so, and the pros and cons of getting involved.Contact us (fill out the form to the left, or contact Sheila Feerick at 1-800-221-0015, or email info@SafirsteinMetcalf.com) for a free evaluation or just more information about the case. We do not charge a fee for consultations. In fact, we work on a purely contingency fee basis and we advance all expenses for litigations in which we are involved. If there is a settlement or resolution in the matter, the defendants pay our fees after the court approves them. We will never ask you to pay any expenses or fees.
About this action:
A class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Alexion Pharmaceuticals, inc. (“Alexion”) (NASDAQ: ALXN) common stock between February 10, 2014 and November 9, 2016 (the “Class Period”).
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:
(i) Alexion employed improper sales practices with respect to the Company’s top-selling drug 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, Alexion cancelled an appearance at the Credit Suisse Healthcare Conference, scheduled for November 6-8, 2016, 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, a break from the Company’s historical practice.
Following this news, Alexion’s share price fell $8.95, or 6.94%, to close at $120.05 on November 7, 2016, the following trading day. On November 9, 2016, post-market, Alexion issued a press release and filed a Current Report on Form 8-K with the SEC concerning certain of the Company’s financial and operating results for the quarter ended September 30, 2016 and filed a Form NT 10-Q with the SEC, announcing that the Company would not be able to timely file its financial and operating results for the quarter ended September 30, 2016. Moreover, Alexion announced that the Audit and Finance Committee of the Board of Directors is conducting an investigation into allegations that recently have been made by a former employee with respect to the Company’s sales practices of Soliris. Alexion said that the Audit and Finance Committee is investigating whether Company personnel have engaged in sales practices that were inconsistent with Company policies and procedures and the related disclosure and other considerations raised by such practices and that the Audit and Finance Committee has retained outside counsel to assist it in the investigation
Following this news, Alexion’s share price fell $0.28, or 0.22%, to close at $126.88 on November 10, 2016. As the market continued to digest the significance of Alexion’s announced investigation, Alexion’s share price fell an additional $13.26, or 10.45%, to close at $113.62 on November 11, 2016.
On December 12, 2016, Alexion fired its CEO and CFO amidst the internal probe into allegations of improper sales practices tied to Soliris.
A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. 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. If you wish to serve as lead plaintiff in this action, you must move the Court no later than January 17, 2017.
If you would like more information about getting involved in the Alexion Class Action, please fill out the form to the left, or contact Sheila Feerick at 1-800-221-0015, or email info@SafirsteinMetcalf.com.
Safirstein Metcalf LLP represents individual and institutional clients in a wide variety of litigation, with an emphasis on class, derivative, and other complex actions on behalf of investors and consumers. The firm handles matters on a contingency fee basis.