BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors that purchasers of the securities of Sanofi (the “Company”) (NYSE:SNY) have until February 2, 2015, to file a motion to be appointed as lead plaintiff in the shareholder lawsuit filed in the United States District Court for the Southern District of New York. The class action lawsuit asserts claims on behalf of purchasers of Sanofi securities between February 7, 2013 and December 3, 2014, inclusive (the “Class Period”).
Sanofi is engaged in the discovery, development and distribution of therapeutic solutions, including consumer health care products, pharmaceuticals and vaccines used by veterinarians and generic medicines. The lawsuit alleges that defendants misrepresented or failed to disclose that the Company was making improper payments to healthcare professionals in connection with the sale of pharmaceutical products, in violation of federal law, and that Sanofi’s internal controls over financial reporting were inadequate.
On October 6, 2014, Sanofi announced that the Company was investigating allegations related to improper payments to healthcare workers in connection with the sale of pharmaceutical products that may have occurred between 2007 and 2012 in certain parts of the Middle East and East Africa. Then, on October 29, 2014, Sanofi announced that its Board of Directors had decided to terminate Christopher A. Viehbacher from his position as Chief Executive Officer of Sanofi.
On December 3, 2014, media outlets reported that a former Sanofi employee filed a whistleblower lawsuit in New Jersey against the Company, alleging that the recently ousted CEO and other executives at the Company participated in a scheme “over the course of many years” to funnel tens of millions of dollars in kickbacks and other incentives to get the Company’s diabetes drugs prescribed and sold.
If you are a member of the Class described above, you may move the Court no later than February 2, 2015, to serve as lead plaintiff, if you meet certain legal requirements. To be a member of the Class, you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.