ROSEN, RESPECTED INVESTOR COUNSEL, Encourages AbbVie Inc. Investors With Losses Over $ 100K To Secure Counsel Before Important Deadline in Securities Class Action – ABBV

The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that the firm has filed a securities class action lawsuit against ABBVie, Inc. (ABBVie) (NYSE: ABBV) on behalf of all persons and entities who purchased or otherwise acquired ABBVie securities between April 30, 2021, and August 31, 2021, inclusive (the “Class Period”).

CLICK HERE TO SUBMIT YOUR ABBVIE LOSSES. YOU CAN ALSO CLICK ON THEFOLLOWING LINK OR COPY AND PASTE IN YOUR BROWSER: https://www.ktmc.com/new-cases/abbvie-inc?utm_source=PR&utm_medium=link&utm_campaign=abbvie&mktm=r

TO VIEW OUR COMPLAINT, PLEASE CLICK HERE

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LEAD PLAINTIFF DEADLINE:JUNE 6, 2022
CLASS PERIOD: APRIL 30, 2021 through AUGUST 31, 2021

CONTACT THE ATTORNEY TO DISCUSS YOUR RIGHTS:
James Maro, Esq. (484) 270-1453 or Email at [email protected]

Kessler Topaz is one of the world’s foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field individually and our firm is both protected and respected among the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.

ABBVIE’S ALLEGED MISCONDUCT

AbbVie is one of the world’s largest pharmaceutical companies. Humira, will lose patent protection in 2023. Accordingly, AbbVie’s future revenue and earnings depend on large part on its ability to develop new sources of revenue to offset Humira’s lost sales. Rinvoq-an anti-inflammatory drug manufactured by AbbVie and used to treat rheumatoid arthritis (RA) and other diseases by inhibiting Janus kinase (JAK) enzymes-was touted as one such drug. Rinvoq was originally approved in the United States to treat only moderate to severe RA. However, in 2020, the U.S. Food and Drug Administration (FDA) was asked to approve Rinvoq for the treatment of several other diseases.

As is relevant here, Rinvoq is similar to other JAK inhibitor drugs, including Xeljanz, manufactured by Pfizer Inc. When the FDA approved Xeljanz in 2012 for the treatment of RA, it is necessary to evaluate Xeljanz’s risk of triggering certain serious side effects. Beginning in February 2019, the FDA has consistently warned that the safety trial indicated that Xeljanz’s use could lead to serious heart-related issues, cancer, and other adverse events. Notwithstanding the similarities between Rinvoq and Xeljanz, during the Class Period, Defendants assured investors that Rinvoq was not safer than Xeljanz and not subject to the same regulatory risks.

However, investors began to learn the truth about Rinvoq’s significant risks on June 25, 2021, when AbbVie revealed that the FDA was delaying its review of expanded treatment applications for Xinjanz. From this news, the price of AbbVie common stock declined $ 1.76 per share, or approximately 1.5%, from a close of $ 114.74 per share on June 24, 2021, to close at $ 112.98 per share on June 25, 2021.

Then, on September 1, 2021, the FDA announced that the Xeljanz has increased its risk of serious adverse events, even with low doses of Xeljanz. As a result, the FDA has decided that it would require new and updated warnings for Xeljanz and Rinvoq because Rinvoq “share[s] The FDA has also indicated that it would have further approved risks for Rinvoq as a result of these safety concerns. AbbVie common stock declined $ 8.51 per share, or more than 7%, from a close of $ 120.78 per share on August 31, 2021, to close at $ 112.27 per share on September 1, 2021.

After the Class Period, on December 3, 2021, AbbVie announced that the FDA had updated Rinvoq’s label to require additional safety warnings and marketing restrictions. From January 11, 2022, Defendants admitted that these changes to Rinvoq’s label would negatively impact sales, forcing the Company to reduce its long-term guidance for Rinvoq’s sales in 2025.

The complaint alleges that, throughout the Class Period, the Defendants have made false statements and / or misleading statements, about the company business and operations. Specifically, Defendants misrepresented and / or failed to disclose that: (1) safety concerns about Xeljanz extended to Rinvoq and other JAK inhibitors; (2) the FDA would require additional safety warnings for Rinvoq and delay the approval of additional treatment indications for Rinvoq; and (3) therefore, Defendants’ statements about the company and its operations, affected significant damages.

WHAT CAN I DO?

AbbVieinvestors may, no later than June 6, 2022, seek to be appointed as a representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to attend Kessler Topaz Meltzer & Check, LLP encourages AbbVie investors who have significant losses to acquire more information.

CLICK HERE TO SIGN UP FOR THE CASE

WHO CAN BE A PLAINTIFF LEAD?

Directing the litigation. The lead plaintiff is usually the investor or small group of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.

ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP

Kessler Topaz Meltzer & Check, LLP prosecutors actions class in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.

CONTACT:

Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
(484) 270-1453
[email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/123612

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