According to the Complaint, AbbVie Inc. ("AbbVie" or the "Company") is a global, research-based biopharmaceutical company.
The Complaint alleges that AbbVie and one of its officers violated the Securities Exchange Act of 1934 by issuing false and misleading statements, in both press releases and filings with the U.S. Securities and Exchange Commission, regarding the results of the Company's $7.5 billion modified Dutch auction tender offer that expired on May 29, 2018 (the "Tender Offer"). Specifically, the Complaint alleges that before the opening of trading on May 30, 2018, the Company announced that it expected to acquire 71.4 million of its shares tendered at or below $105 per share. As a result of that news, the price of AbbVie securities significantly increased. However, after the close of trading on May 30, 2018, the Company surprised the market by releasing materially different results for the Tender Offer due to certain omissions, announcing that the Company expected to acquire only those shares tendered at or below $103 per share. The price of the Company's shares fell sharply on the news, harming all investors that purchased AbbVie securities at artificially inflated prices on May 30, 2018.
On October 2, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on November 1. Defendants filed a Motion to Dismiss the amended Complaint on November 27. On September 18, 2019, the Court issued an Order granting Defendants' Motion to Dismiss. Lead Plaintiff filed a notice appealing the Court's dismissal Order on October 18. On July 14, 2020, the Court of Appeals affirmed the District Court's judgment.