According to the law firm press release, Alexion Pharmaceuticals, Inc. ("Alexion" or the Company), a biopharmaceutical company, develops and commercializes therapeutic products. Among the Company’s products is Soliris (eculizumab), a monoclonal antibody for the treatment of paroxysmal nocturnal hemoglobinuria, a genetic blood disorder, and atypical hemolytic uremic syndrome, a genetic disease.
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: (i) Alexion employed improper sales practices with respect to Soliris; (ii) consequently, the Company’s revenues from Soliris sales were unlikely to be sustainable; and (iii) as a result of the foregoing, Alexion’s public statements were materially false and misleading at all relevant times.
On December 30, 2016, the first identified case was voluntarily dismissed by Plaintiff. A related action continues in the District of Connecticut under 16-CV-02127.
On June 2, 2019, Lead Plaintiffs filed an amended consolidated Complaint. Defendants filed a Motion to Dismiss the amended consolidated Complaint on August 2. On August 19, 2021, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.
Lead Plaintiffs filed a Motion for Class Certification on December 15, 2021. On April 13, 2023, the Court issued an Order granting Plaintiffs' Motion for Class Certification.
On September 12, 2023, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on September 19.