Alexion Pharmaceuticals Inc (NASDAQ: ALXN) Investor Securities Class Action Lawsuit 11/17/2016

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Company Name(s): 
Alexion Pharmaceuticals
Case Name: 
Alexion Pharmaceuticals Shareholder Class Action Lawsuit 11/17/2016
Case Status: 
Case Dismissed
Affected Securities
NASDAQ: ALXN
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
11/17/2016
Class Period Begin: 
02/10/2014
Class Period End: 
11/09/2016
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
01/17/2017
Case Dismissed: 
12/30/2016
Summary: 

December 30, 2016 - Plaintiff filed a notice of voluntary dismissal without prejudice.

November 17, 2016 - An investor in shares of Alexion Pharmaceuticals Inc (NASDAQ: ALXN) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Alexion Pharmaceuticals Inc in connection with certain allegedly false and misleading statements made between February 10, 2014 and November 9, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Alexion Pharmaceuticals Inc (NASDAQ: ALXN) common shares between February 10, 2014 and November 9, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 10, 2014 and November 9, 2016 the defendants issued materially false and misleading statements to investors and/or failed to disclose that Alexion Pharmaceuticals Inc employed improper sales practices with respect to Soliris, that consequently, Alexion Pharmaceuticals Inc’s revenues from Soliris sales were unlikely to be sustainable, and that as a result, Alexion Pharmaceuticals Inc’s public statements were materially false and misleading at all relevant times.

Alexion Pharmaceuticals Inc reported that its annual Total Revenue rose from over $2.23 billion in 2014 to over $2.6 billion in 2015 while its respective Net Income declined from $656.91 million to $144.38 million.

Shares of Alexion Pharmaceuticals Inc (NASDAQ: ALXN) grew from $88.49 per share in June 2013 to as high as $204.30 per share in July 2015.

On June 6, 2016, Alexion Pharmaceuticals Inc announced topline results from Phase 3 REGAIN Study of Eculizumab (Soliris®) in patients with refractory generalized myasthenia gravis.

On November 9, 2016, Alexion Pharmaceuticals Inc announced that the Audit and Finance Committee of the Board of Directors is conducting an investigation into allegations that recently have been made by a former employee with respect to the Company’s sales practices of Soliris. Alexion Pharmaceuticals Inc said that the Audit and Finance Committee is investigating whether Company personnel have engaged in sales practices that were inconsistent with Company policies and procedures and the related disclosure and other considerations raised by such practices and that the Audit and Finance Committee has retained outside counsel to assist it in the investigation.

Shares of Alexion Pharmaceuticals Inc (NASDAQ: ALXN) declined on November 11, 2016 to $11.66 per share.