NEW YORK, Nov. 25, 2016 /PRNewswire/ -- Pomerantz LLP
announces that a class action lawsuit has been filed against
Alexion Pharmaceuticals, Inc. ("Alexion" or the
"Company")(NASDAQ: ALXN) and certain of its
officers. The class action, filed in United States
District Court, Southern District of New
York, and docketed under 16-cv-08946, is on behalf of a
class consisting of all persons or entities who purchased or
otherwise acquired Alexion between February
10, 2014 and November 9, 2016,
both dates inclusive (the "Class Period"), seeking to recover
compensable damages caused by Defendants' violations of the federal
securities laws and to pursue remedies under Sections 10(b) and
20(a) of the Securities Exchange Act of 1934 (the "Exchange Act")
and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Alexion during the Class
Period, you have until January 17,
2017 to ask the Court to appoint you as Lead Plaintiff for
the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact
Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, ext. 9980. Those who inquire by e-mail are encouraged to
include their mailing address, telephone number, and number of
shares purchased.
[Click here to join this class action]
Alexion, a biopharmaceutical company, develops and
commercializes therapeutic products. Among the Company's products
is Soliris (eculizumab), a monoclonal antibody for the treatment of
paroxysmal nocturnal hemoglobinuria (PNH), a genetic blood
disorder, and atypical hemolytic uremic syndrome (aHUS), a genetic
disease.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and misleading statements
regarding the Company's business, operational and compliance
policies. Specifically, Defendants made false and/or
misleading statements and/or failed to disclose that: (i) Alexion
employed improper sales practices with respect to Soliris; (ii)
consequently, the Company's revenues from Soliris sales were
unlikely to be sustainable; and (iii) as a result of the foregoing,
Alexion's public statements were materially false and misleading at
all relevant times.
On November 4, 2016, Alexion
cancelled an appearance at the Credit Suisse Healthcare Conference,
scheduled for November 6-8, 2016,
telling Leerink Partners LLC only that "something came up."
Following the cancellation, analysts noted that Alexion had also
failed to file its Quarterly Report on Form 10-Q with the SEC
within two days of its earnings announcement on October 27, 2016, a break from the Company's
historical practice.
On this news, Alexion's share price fell $8.95, or 6.94%, to close at $120.05 on November 7,
2016, the following trading day.
On November 9, 2016, post-market,
Alexion issued a press release and filed a Current Report on Form
8-K with the SEC concerning certain of the Company's financial and
operating results for the quarter ended September 30, 2016 (the "Q3 2016 8-K") and filed
a Form NT 10-Q with the SEC (the "Q3 2016 NT 10-Q"), announcing
that the Company would not be able to timely file its financial and
operating results for the quarter ended September 30, 2016.
On this news, Alexion's share price fell $0.28, or 0.22%, to close at $126.88 on November
10, 2016. As the market continued to digest the
significance of Alexion's announced investigation, Alexion's share
price fell an additional $13.26, or
10.45%, to close at $113.62 on
November 11, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los
Angeles, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the
Pomerantz Firm pioneered the field of securities class actions.
Today, more than 80 years later, the Pomerantz Firm continues in
the tradition he established, fighting for the rights of the
victims of securities fraud, breaches of fiduciary duty, and
corporate misconduct. The Firm has recovered numerous
multimillion-dollar damages awards on behalf of class members. See
www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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SOURCE Pomerantz LLP