NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into AbbVie Inc. (NYSE: ABBV).
Facing the loss of patent protection for its key drug, Humira, in 2023, and the resulting increased competition from generic drug products, throughout the first half of 2021, the Company promoted its drug product, Rinvoq, a Janus kinase (“JAK”) inhibitor purposed for the treatment of rheumatoid arthritis (“RA”). During this time, the U.S. Food and Drug Administration (FDA) announced warnings resulting from studies of another JAK inhibitor, Xeljanz, which the Company downplayed as unrelated to Rinvoq. In September 2021, the FDA ordered “new and updated warnings” for Xeljanz, as well as other JAK inhibitors including Rinvoq, “since they share mechanisms of action with Xeljanz.” On December 3, 2021, the Company announced the updated warning for Rinvoq to include “additional information about the risks of malignancy and thrombosis, and the addition of mortality and MACE (defined as cardiovascular death, myocardial infarction and stroke) risks within the Boxed Warnings and Warnings and Precautions sections.”
The Company was subsequently sued in a securities class action lawsuit for failing to disclose material information, violating federal securities laws, which remains ongoing.
KSF’s investigation is focusing on whether AbbVie’s officers and/or directors breached their fiduciary duties to the Company’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of AbbVie shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org), or visit https://www.ksfcounsel.com/cases/nyse-abbv/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.