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European Stocks to Watch: GlaxoSmithKline

Shares in GlaxoSmithKline fell 0.4% as the British pharmaceutical giant came under fire for allegedly misleading its shareholders about safety concerns facing its diabetes drug Avandia.

Kaplan Fox & Kilsheimer filed a class-action suit in the U.S. District Court for the Southern District of New York against GSK, the law firm said in a statement Tuesday.

The law firm is claiming that some results from analysis of the drug's heart-attack risk weren't adequately disclosed to the investing public, Reuters reported.

BP (Up 0.1%) The London-listed oil major is one of four companies shortlisted to partner with Gazprom in the $3.7 billion liquefied natural gas plant on the Baltic Sea, the Russian gas monopoly's deputy chief executive told Reuters.

Biffa (Down 9%) Shares in the British waste firm sank despite an 11% rise in annual profit, as Citigroup cut its price target for the shares to 345 pence from 370 pence due to moderate growth expectations.

Debenhams (Up 1.8%) The U.K. chain store gained on news an investment vehicle of Icelandic group Baugur built up a 4.87% stake in the company, Reuters reported.

Sanofi-Aventis (Down 0.8%) The U.S. Food and Drug Administration delivered another blow to the CAC-40-listed drug maker, as results from clinical trials showed people who took the obesity pill Zimulti were more likely to report suicidal thoughts or actions, traders told Reuters.