|Company Name||AbbVie Inc.|
|Class Period||October 25, 2013 to September 18, 2018|
|Lead Plaintiff Motion Deadline||November 20, 2018|
On September 18, 2018, California insurance regulators announced that they were suing AbbVie, alleging that the Company provided illegal kickbacks to health care providers while promoting Humira. On this news, AbbVie’s share price fell $2.76 per share, or almost 3%, to close at $92.61 per share on September 18, 2018, thereby injuring investors.
The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose that: (1) AbbVie’s strategy to increase the sales growth of its blockbuster drug, HUMIRA, relied in part upon illegal kickbacks and unlawful sales and marketing tactics; (2) such practices would foreseeably lead to heightened scrutiny by state governments and agencies; and (3) as a result, Defendants’ public statements were materially false and misleading at all relevant times.
Submit Your Information
If you suffered a loss on your AbbVie Inc. investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below.
An attorney will contact you at no cost to provide you information about joining the action and answer your questions. Please note that submission of this form does not by itself form an attorney-client relationship nor does filing out this form mean you have joined any lawsuit.