NEW YORK, Oct. 12, 2018 — Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the important November 20, 2018 lead plaintiff deadline in the shareholder class action lawsuit against AbbVie Inc. (“AbbVie” or the “Company”) (NYSE: ABBV). The lawsuit seeks to recover damages on behalf of those who purchased the securities of AbbVie between October 25, 2013 and September 18, 2018, both dates inclusive (the “Class Period”).
If you purchased AbbVie securities, and/or would like to discuss your legal rights and options, please visit AbbVie Shareholder Class Action Lawsuit or contact Daniel Sadeh toll free at (877) 779-1414 or [email protected].
According to the lawsuit, throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) AbbVie’s strategy to increase the sales growth of its blockbuster drug, HUMIRA, was through illegal kickbacks and unlawful sales and marketing tactics; (2) such practices would lead to heightened scrutiny by State governments and agencies; and (3) as a result, Defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On September 18, 2018, Bloomberg reported that “California’s insurance regulator is suing AbbVie Inc., alleging that the pharmaceutical giant gave illegal kickbacks to health-care providers in order to keep patients on its blockbuster rheumatoid arthritis drug Humira.” The report further stated that, according to the California Department of Insurance, “[t]he company ‘engaged in a far-reaching scheme including both classic kickbacks — cash, meals, drinks, gifts, trips, and patient referrals — and more sophisticated ones — free and valuable professional goods and services to physicians to induce and reward Humira prescriptions.’”
On this news, AbbVie stock fell $4.35 per share, or over 4.5%, over two consecutive trading days to close at $91.02 per share on September 19, 2018, damaging investors.
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If you wish to serve as lead plaintiff, you must move the Court no later than November 20, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased AbbVie securities, and/or would like to discuss your legal rights and options, please visit https://www.bernlieb.com/cases/abbvie-inc-abbv-lawsuit-class-action-fraud-stock-84/ or contact Daniel Sadeh toll free at (877) 779-1414 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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