Case Page

 

Case Status:    SETTLED
On or around 01/22/2014 (Date of order of final judgment)

Filing Date: November 13, 2007

According to a law firm press release, a class action was filed against Sanofi-Aventis on November 13, 2007. The complaint charges Sanofi and certain of its officers and directors with violations of the Securities Exchange Act of 1934. 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.

On February 29,2008, Order Appointing The Global, Funds As Lead Plaintiff And Approving Lead Plaintiff's Selection Of Lead Counsel. On April 29, 2008, a Consolidated Complaint For Violations Of Securities Laws was filed with the court by the lead plaintiffs.

On September 26, 2009, Defendants motion to dismiss plaintiffs' claims pursuant to Fed. R. Civ. P. 12(b)(6) was granted pursuant to the Court's Memorandum Opinion and Order dated September 25, 2009.

On October 9, 2009, the plaintiffs filed a motion for reconsideration of the September 26, 2009 Order. On July 27, 2010, the motion for reconsideration was granted. The plaintiffs were given leave to file an Amended Complaint, and on July 28, 2010, the plaintiffs filed a First Amended Complaint.

On July 28, 2010, the lead plaintiffs filed a First Amended Complaint against the defendants.

On March 30, 2011, a Memorandum Decision and Order was issued by the Court Denying the Defendants motion to dismiss. Plaintiffs' Section 20(a) Claim was Dismissed as to certain Individual Defendants. Plaintiffs' motion for the issuance of a letter of request pursuant to the Hague Convention was also Denied without prejudice to renew after the parties engage in discovery.

On March 20, 2013, the Court issued an Order granting in part Plaintiffs' Motion for Class Certification.

On September 19, 2013, the parties entered into a Settlement Agreement. This Settlement was preliminarily approved by the Court on September 23rd. On January 22, 2014, the Court granted final approval of the Settlement and ordered this case dismissed with prejudice.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Major Drugs
Headquarters: France

SECURITIES INFORMATION:

Ticker Symbol: SNY
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 07-CV-10279
JUDGE: Hon. George B. Daniels
DATE FILED: 11/13/2007
CLASS PERIOD START: 02/17/2006
CLASS PERIOD END: 06/13/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    200 Broadhollow, Suite 406, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
  2. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 07-CV-10279
JUDGE: Hon. George B. Daniels
DATE FILED: 07/28/2010
CLASS PERIOD START: 02/20/2006
CLASS PERIOD END: 06/13/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
  2. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date
No Document Title Filing Date