DALLAS--(EON: Enhanced Online News)--Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed in the United States District Court for the Southern District of New York against Alexion Pharmaceuticals, Inc. (“Alexion” or “Company”) (NASDAQ: ALXN) and several officers and directors for acts taken during the period of February 10, 2014 through November 9, 2016 (the “Class Period”).
Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of Alexion. If you are an affected Alexion shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at firstname.lastname@example.org, Patrick Powers at Powers Taylor LLP via email at email@example.com, or call toll free at (877) 728-9607. There is no cost or fee to you.
In the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants made materially false and misleading statements and/or failed to disclose: (1) that the Company engaged in inappropriate sales practices in connection with Soliris; (2) that the Company’s revenues from Soliris sales were not likely to be maintained; and (3) consequently, the Company’s public statements were materially false and misleading at all relevant times.
On November 4, 2016, Alexion cancelled its attendance at the Credit Suisse Healthcare Conference, and shortly after analysts noticed that Alexion did not file its Quarterly Report on Form 10-Q with the SEC within two days of its earnings announcement on October 27, 2016. Then, on November 9, 2016, Alexion revealed that Soliris, which is estimated to account for 92% of Alexion’s 2016 sales, is being investigated for improper sales practices. Alexion also retained independent counsel and said it would be delaying its third-quarter financial report. When this news was revealed to the market, the Company’s stock dropped significantly.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.