According to the law firm press release, Sanofi is a global pharmaceutical company that researches, develops and manufactures prescription pharmaceuticals and vaccines.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Sanofi was making improper payments to healthcare professionals in connection with the sale of pharmaceutical products in violation of federal law; (2) Sanofi lacked adequate internal controls over financial reporting; and (3) as a result of the foregoing, Sanofi's public statements were materially false and misleading at all relevant times.
On October 6, 2014, the Company's media relations department issued a statement announcing that the Company was investigating allegations related to improper payments to healthcare workers.
On October 29, 2014, the Company issued a press release and filed a Form 6-K with the SEC, announcing that its Board of Directors had decided to terminate the Chief Executive Officer of Sanofi. As a result of this news, shares of Sanofi fell as much as $2.85 or almost 6%, on unusually heavy volume, to close at $45.22 on October 29, 2014.
On January 6, 2016, the Court issued an Order granting Defendants' motion to dismiss. A Notice of Appeal of this Order was filed on July 25. The Appeal was voluntarily dismissed on November 7.