Alexion investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Alexion is a biopharmaceutical company that develops and commercializes therapeutic products. Among the company’s products is Soliris, a monoclonal antibody for the treatment of paroxysmal nocturnal hemoglobinuria, a genetic blood disorder, and atypical hemolytic uremic syndrome, a genetic disease.
The Class Period commences on February 10, 2014, when Alexion filed an Annual Report for the quarter and year ended December 31, 2013 on Form 10-K with the SEC.
According to the complaint, 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.” 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.
Then, 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. The Form NT 10-Q stated, in part, “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.”
Following this news, Alexion’s share price fell $0.28, or 0.22%, to close at $126.88 on November 10, 2016. Alexion’s share price fell an additional $13.26, or 10.45%, to close at $113.62 on November 11, 2016.
The complaint alleges that throughout the Class Period, the 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.
If you are a member of the class described above, you may no later than January 17, 2017 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org.
Kessler Topaz Meltzer & Check, LLP
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