NEW YORK, NY / ACCESSWIRE / October 15, 2018 / Pomerantz LLP announces that a class action lawsuit hasbeen filed against AbbVie Inc. (“AbbVie” or the “Company”) (NYSE:ABBV) and certain of its officers. The class action, filed in United States District Court, Northern District of Illinois, and index under 18-cv-06790, is on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise acquired the publicly traded securities of AbbVie between October 25, 2013 and September 18, 2018, both dates inclusive (the “Class Period”). Plaintiff seeks to recover compensable damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased AbbVie securities between October 25, 2013, and September 18, 2018, both dates inclusive, you have until November 20, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com . To discuss this action, contact Robert S. Willoughby at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
AbbVie discovers, develops, manufactures, and sells pharmaceutical products worldwide. HUMIRA is AbbVie’s blockbuster drug, which is used to treat Crohn’s disease, rheumatoid arthritis, ulcerative colitis, psoriasis, and other ailments.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose that: (1) AbbVie’s strategy to increase the sales growth of its blockbuster drug, HUMIRA, relied in part upon illegal kickbacks and unlawful sales and marketing tactics; (2) such practices would foreseeably 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.
On September 18, 2018, the State of California, through its Insurance Commissioner, filed suit against AbbVie, alleging that the Company “systematically and repeatedly” violated anti-kickback laws by “pa[ying] healthcare providers to prescribe HUMIRA far in excess of the amount that they would have prescribed this expensive and dangerous drug absent the illegal kickback”
On this news, AbbVie’s stock price fell $4.35 per share, or over 4.5%, over the next two trading days, to close at $91.02 per share on September 19, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com .
SOURCE: Pomerantz LLP