BATON ROUGE, La.--(BUSINESS WIRE)--Former Attorney General of Louisiana Richard P. Ieyoub and the firm of Ieyoub O’Bell & Myers, LLC (“IOM”) (www.iomcounsel.com) are investigating events at Aegerion Pharmaceuticals, Inc. (AEGR) for possible breaches of fiduciary duties by the management and Board of Directors.
The investigation concerns Aegerion’s marketing and promotion of Juxtapid™. Juxtapid™ is only approved for the treatment of high cholesterol in patients with a rare disorder, HoFH.
Despite its limited approved uses, in June and October 2013 CEO Marc Beer suggested on CNBC’s “Fast Money” that Juxtapid™ was safe and effective for decreasing heart attacks and strokes and increasing lifespans of HoFH patients. On November 8, 2013, the Food and Drug Administration sent Mr. Beer a Warning Letter demanding that Aegerion cease and desist from further misbranding of Juxtapid™. The Department of Justice issued its subpoena in late 2013 demanding documents concerning Juxtapid™ sales practices.
- Brazilian authorities are investigating Aegerion’s sales practices to determine whether company employees violated anti-corruption laws.
- In late 2014 the SEC requested information concerning sales activities and disclosures regarding Juxtapid™.
- The Board of Directors has affirmed its support of Mr. Beer notwithstanding recent developments.
General Ieyoub and IOM are investigating whether Aegerion’s officers and directors adequately fulfilled their fiduciary duties to shareholders to ensure that the company operates legally, ethically and in the best interests of shareholders.
If you are an Aegerion shareholder and you possess relevant information, or if you would like to discuss your legal rights, you may contact IOM Partner Albert M. Myers at firstname.lastname@example.org or call (404) 931-7735.
Richard Ieyoub, a partner of IOM, served as Louisiana Attorney General from 1992 to 2004. He helped lead litigation by 46 states against major tobacco manufacturers, who agreed in 1998 to pay over $200 billion to redress the public health costs of smoking. Partners Eric O’Bell and Albert Myers have practiced shareholder litigation for over 25 years combined. IOM’s website is www.iomcounsel.com.
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