Robbins Arroyo LLP: Sanofi (SNY) Misled Shareholders According to a Recently Filed Class Action
Robbins Arroyo LLP announces that an investor of Sanofi (NYSE: SNY) has filed a federal securities fraud class action complaint in the U.S. District Court for the Southern District of New York. The complaint alleges that the company and certain of its officers and directors violated the Securities Exchange Act of 1934 between February 7, 2013 and December 3, 2014. Sanofi discovers, develops, and distributes prescription pharmaceuticals and vaccines.
Sanofi Is Accused of Using Kickbacks to Encourage Prescribing Diabetes Drugs
According to the complaint, on October 29, 2014, shares of Sanofi fell $2.85 or almost 6% to close at $45.22 on the news of the termination of Chief Executive Officer, Christopher A. Viehbacher. On December 3, 2014, it was reported by various media outlets that a whistleblower lawsuit had been filed by a former Sanofi paralegal. This suit alleges that Viehbacher, along with other executives, violated federal law by funneling tens of millions of dollars in kickbacks and incentives to get the company’s diabetes drugs prescribed and sold. This lawsuit also alleges that Viehbacher was dismissed due to his involvement in the illegal activities, such as kickbacks and incentives, which went on for many years.
The complaint also alleges that Sanofi: (i) was making improper payments to healthcare professionals in connection with the sale of pharmaceutical products in violation of federal law; (ii) lacked adequate internal controls over financial reporting; and (iii) as a result, the company’s public statements were materially false and misleading at all relevant times.
Sanofi Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.