NEW YORK, Dec. 5, 2014 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York, on behalf of all persons who purchased or otherwise acquired Sanofi ("Sanofi" or the "Company") (NYSE:SNY) securities during the period between February 7, 2013 and December 3, 2014, inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
The Complaint alleges that during the Class Period, the Company made materially false and misleading statements regarding its business, operational and compliance policies. Specifically, the Complaint alleges that the Company failed to disclose that: (1) it was making improper payments to healthcare professionals in connection with the sale of pharmaceutical products in violation of federal law; (2) it lacked adequate internal controls over financial reporting; and (3) as a result of the foregoing, its public statements were materially false and misleading at all relevant times.
On October 29, 2014, the Company announced that its Board of Directors had decided to terminate Christopher A. Viehbacher from his position as Chief Executive Officer of Sanofi. As a result of this news, shares of Sanofi fell as much as $2.85 or almost 6%, in unusually heavy volume, to close at $45.22 on October 29, 2014. Further, on December 3, 2014, it was reported that a whistleblower lawsuit against Sanofi was filed in New Jersey by former Sanofi paralegal Diane Ponte.
If you wish to serve as lead plaintiff, you must move the Court no later than February 2, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at firstname.lastname@example.org or email@example.com.
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Source:Gainey McKenna& Egleston