Sanofi (ADS) (NYSE: SNY) Investor Securities Class Action Lawsuit 11/13/2007

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Company Name(s): 
Sanofi-Aventis
Case Name: 
Sanofi-Aventis Shareholder Class Action Lawsuit 11/13/2007
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: SNY
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
11/13/2007
Class Period Begin: 
02/24/2006
Class Period End: 
06/13/2007
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
01/14/2008
Date Settled: 
01/22/2014
Settlement Amount: 
$40,000,000
Deadline to Participate in Settlement: 
01/14/2014
Settlement Notice: 
Settlement Proof: 
Summary: 

January 22, 2014 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

September 23, 2013 - The court preliminarily approved the settlement.

September 19, 2013 - Parties filed a stipulation of settlement.

March 30, 2011 - The court denied the defendants' motion to dismiss.

September 27, 2010 - The defendants filed a motion to dismiss.

July 28, 2010 - The lead plaintiffs filed an amended consolidated complaint.

July 27, 2010 - The court granted the plaintiffs' motion for reconsideration.

October 9, 2009 - The lead plaintiffs filed a motion for reconsideration.

September 25, 2009 - The court ordered, adjudged and decreed that the defendants' motion to dismiss is granted and the plaintiffs' claim is dismissed.

June 30, 2008 - The defendants filed a motion to dismiss.

April 29, 2008 - The lead plaintiffs filed an amended consolidated complaint.

February 29, 2008 - The lead plaintiffs and lead counsel were appointed and all cases were consolidated.

January 14, 2008 - A lead plaintiff motion was filed.

November 13, 2007 - An investor in American Depsoitary Shares (ADS) of Sanofi (NYSE: SNY) filed a lawsuit in the U.S. District Court for the Southern District of New York against Sanofi over alleged violations of Federal Securities Laws.

The complaint charges Sanofi and certain of its officers and directors with violations of the Securities Exchange Act of 1934 between February 17, 2006 and June 13, 2007. Sanofi-Aventis engages in the research, development, manufacture, and marketing of healthcare products worldwide.

Sanofi is the third largest pharmaceutical company in the world. According to the complaint, in 2002, Sanofi began testing a new drug, Zimulti, which is designed to fight obesity by reducing appetite. As the first drug of its class, Zimulti was projected to become extremely profitable for Sanofi. Sanofi submitted its New Drug Application (“NDA”) for Zimulti in April 2005 and on June 23, 2005, the Company announced that the Food and Drug Administration (“FDA”) had accepted it for filing. The complaint alleges that defendants’ statements regarding Zimulti were materially false and misleading when made because defendants concealed data concerning Zimulti’s propensity to cause depression.

On June 13, 2007, the committee met and made a unanimous decision that Zimulti could not be recommended for approval. After the FDA’s decision on June 13, 2007, Sanofi’s securities declined $1.87, or 4.16%, closing at $43.07 on heavy trading volume.