STEVENSON, Md.--(BUSINESS WIRE)--Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Sanofi (“Sanofi” or the “Company”) (NasdaqGM:GCVRZ) contingent value rights (“CVRs”) during the period between March 6, 2012 and November 7, 2013, inclusive (the “Class Period”).
If you have suffered a net loss from investment in Sanofi CVRs purchased on or after March 6, 2012, and held through the revelation of negative information on November 8, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than February 10, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that the Company’s 323 and 324 trials for Lemtrada, a treatment for multiple sclerosis, contained high levels of placebo effect and observer bias which tainted the results and thereby lowered the likelihood of Lemtrada being approved by the U.S. Food and Drug Administration (“FDA”). According to the complaint, following the issuance of a November 8, 2013 briefing report by the FDA Advisory Committee on Peripheral and Central Nervous System Drugs, which criticized the Company’s submission to the FDA and expressed significant concerns regarding the safety profile of Lemtrada and the adequacy of the efficacy data, the value of Sanofi CVRs declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.