NOTICE TO SANOFI EMPLOYEES: Zamansky LLC Investigates Sanofi’s U. S. Group Savings Plan For Possible ERISA Violations

NEW YORK--()--Zamansky LLC announces that it has commenced an investigation of Sanofi’s (NYSE:SNY) U. S. Group Savings Plan (the “Plan”) for possible violations of the federal Employee Retirement Income Security Act (“ERISA”). ERISA imposes fiduciary duties to prudently manage and invest plan assets. These duties were potentially violated by Sanofi’s continued offering of its company stock while it allegedly knew that it was violating federal “anti kickback” laws.

On December 4, 2014 Bloomberg reported that a whistleblower lawsuit was filed against Sanofi by a former paralegal, Diane Ponte. Ms. Ponte alleged that Sanofi’s senior officers and executives including its former CEO Christophe Viehbacher, carried out an illegal “kickback” scheme to get the company’s diabetes drugs prescribed and sold. She also alleged that she was fired in retaliation for raising questions about the legality of the scheme. These allegations come after Sanofi paid $109 million two years ago to settle illegal “kickbacks” claims with the U.S. Justice Department that it gave doctors free samples of arthritis medicine to encourage prescriptions.

Sanofi’s Board knew of the allegations for some time, and disclosed that in October 2014, it had commenced an investigation. On October 29, 2014, the Board dismissed CEO Viehbacher. As a result, Sanofi’s stock fell from $56 per share to below $45 per share, and the company was the subject of shareholder lawsuits under the federal securities laws.

According to employee stock fraud attorney, Jake Zamansky, Sanofi’s employees who purchased and held company stock through the Plan since at least December 19, 2012, have suffered losses to their retirement savings. Sanofi’s dismissal of its CEO and the whistleblower allegations raise serious issues over the prudent monitoring and oversight of the Plan under ERISA for artificial inflation of the stock price, he states.

What Sanofi Employees or Former Employees Can Do

If you are an existing or former Sanofi employee who purchased company stock (SNY), through Sanofi’s U.S. Group Savings Plan, please contact our firm for an evaluation of your rights. You can contact Jake Zamansky by telephone at (212) 742-1414 or by email at jake@zamansky.com.

About Zamansky LLC

Zamansky LLC is a leading stock law firm specializing in securities fraud, ERISA and employment class actions. We are investment fraud attorneys who represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover investment losses.

To learn more about Zamansky LLC, please visit our website, http://www.zamansky.com.

Contacts

Zamansky LLC
Jake Zamansky, 212-742-1414
jake(at)zamansky(dot)com

Release Summary

NOTICE TO SANOFI EMPLOYEES: Zamansky LLC Investigates Sanofi’s U. S. Group Savings Plan For Possible ERISA Violations Over Purchases of Company Stock

Contacts

Zamansky LLC
Jake Zamansky, 212-742-1414
jake(at)zamansky(dot)com