Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm Encourages GSK plc. (GSK) Investors To Inquire About Securities Fraud Class Action

LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP, a leading national shareholder rights law firm, announces that a securities fraud class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired GSK plc. (“GSK” or the “Company”) (NYSE: GSK) American Depositary Receipts (“ADRs”) between February 5, 2020, and August 14, 2022, inclusive (the “Class Period”). GSK investors have until April 7, 2025 to file a lead plaintiff motion.

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What Happened?

On August 10, 2022, Deutsche Bank reported that it seemed “very possible” that GSK “will incur the risk of some degree of shared liability, with the only real questions being what the magnitude of liability may be” regarding its drug, Zantac, and an interaction with many foods to create the carcinogen, NDMA. While the Company repeatedly claimed that scientific research did not support a correlation between Zantac and cancer, the Deutsche Bank report stated that the total liability could be between $5 billion and $10 billion.

On this news, GSK’s stock price fell $4.30, or 10.7%, over two consecutive trading days to close at $35.75 per ADR on August 11, 2022, thereby injuring investors.

Then, on August 15, 2022, GSK disclosed that its liability exposure was between $1 billion and $10 billion and analysts predicted “total exposure low billions to multiple 10s.” On this news, GSK’s stock price fell $1.08, or 3%, to close at $34.95 per ADR on August 15, 2022, thereby injuring investors further.

What Is The Lawsuit About?

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) GSK was fully aware of the source of NDMA and had been for nearly 40 years before withdrawing Zantac from the market; (2) while Defendants asserted that “data published prior to 2019 claims” failed to establish a link between Zantac and cancer, they failed to disclose that GSK possessed unpublished data – the Tanner Report – that did exactly that; (3) the representations about Defendants’ ability to “quantify or reliably estimate the liability” deceived investors, who did not know that GSK had for decades concealed an internal study that implicated the Company’s liability to Zantac users; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you purchased or otherwise acquired GSK ADRs during the Class Period, you may move the Court no later than April 7, 2025 to request appointment as lead plaintiff in this putative class action lawsuit.

Contact Us To Participate or Learn More:

If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us:

Charles Linehan, Esq.,
Glancy Prongay & Murray LLP,
1925 Century Park East, Suite 2100,
Los Angeles California 90067
Email: [e-mail]
Telephone: [phone],
Toll-Free: 888-773-9224
Visit our website at www.glancylaw.com.
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If you inquire by email, please include your mailing address, telephone number and number of shares purchased.

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.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.