SAN DIEGO & NEW HAVEN, Conn.--(EON: Enhanced Online News)--Shareholder rights law firm Robbins Arroyo LLP is investigating whether certain officers and directors of Alexion Pharmaceuticals, Inc. (NASDAQGS: ALXN) breached their fiduciary duties to shareholders. Alexion, a biopharmaceutical company, develops and commercializes life-transforming therapeutic products.
“We now believe the board lost confidence in its senior leadership team, perhaps due to findings of unprofessional activity that were uncovered during the investigation, and decided that a change needed to be made now.”
View this press release on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/alexion-pharmaceuticals-inc-dec-2016
Alexion's Top Executives Step Down
Alexion disclosed in November 2016 that the company was investigating allegations made by a former employee regarding improper sales practices with respect to its flagship drug, Soliris. Alexion's Chief Executive Officer, David Hallal, and Chief Financial Officer, Vikas Sinha, recently left their roles at the company amid the internal investigation. A Cowen analyst wrote to investors, "We now believe the board lost confidence in its senior leadership team, perhaps due to findings of unprofessional activity that were uncovered during the investigation, and decided that a change needed to be made now." On this news, Alexion's stock fell, closing at $110.01 per share on December 13, 2016. The company, which delayed the filing of its most recent performance report due to the investigation, expects to file it in January.
Alexion Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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