ABBVIE SHAREHOLDERS HAVE AN OPPORTUNITY TO RECOVER THEIR INVESTMENT LOSSES
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Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of AbbVie Inc. (NYSE: ABBV) between October 25, 2013 and September 18, 2018. The lawsuit seeks to recover AbbVie shareholders’ investment losses.
If you purchased shares of AbbVie between October 25, 2013 and September 18, 2018 and would like to join the action, please click “Join Class Action” above.
ABBVIE CLASS ACTION: BERNSTEIN LIEBHARD LLP ANNOUNCES THAT A SECURITIES CLASS ACTION LAWSUIT HAS BEEN FILED AGAINST ABBVIE INC. – ABBV
September 23, 2018.
New York, New York—Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of AbbVie Inc. (“AbbVie” or the “Company”) (NYSE: ABBV) between October 25, 2013 and September 18, 2018, both dates inclusive (the “Class Period”). The lawsuit seeks to recover AbbVie shareholders’ investment losses.
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.
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.
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.