Healthy Skepticism Library item: 12305

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Publication type: news

Shareholder Class Action Filed Against Sanofi-Aventis by the Law Firm of Schiffrin Barroway Topaz & Kessler, LLP
PharmaLive 2008 Jan 2
http://pharmalive.com/news/index.cfm?articleID=503204&categoryid=9&newsletter=1

Full text:

The following statement was issued today by the law firm of Schiffrin Barroway Topaz & Kessler, LLP:

Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of all purchasers of the securities of Sanofi-Aventis (“Sanofi” or the “Company”) from February 17, 2006 through June 13, 2007, inclusive (the “Class Period”).

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin Barroway Topaz & Kessler, LLP (Darren J. Check, Esq. or Richard A. Maniskas, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at . info@sbtklaw.com

The Complaint charges Sanofi and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Sanofi is a pharmaceutical group engaged in the research, development, manufacture and marketing of healthcare products. More specifically, the Complaint alleges that the Company failed to disclose material adverse data concerning Zimulti’s tendency to cause a statistically significant increase in psychiatric problems, including suicidal thoughts and actions.

On June 13, 2007, an Advisory Panel to the Food and Drug Administration (“FDA”) unanimously voted that Sanfi had not provided the panel with enough information on the safety of Zimulti (rimonabant), and unanimously recommended that the FDA reject Sanofi’s Zimulti application. FDA scientists provided an analysis of 13 studies which showed that 26 percent of patients taking the recommended dose of Zimulti had psychiatric side effects, as compared to 14 percent of those patients who received a placebo. Additionally, studies showed that the drug also doubled cases of anxiety, depression, and other mood disorders when compared to placebo. Analysts had predicted that Zimulti would have been a multibillion-dollar product worldwide, assuming that it was approved in the US, which would have been the biggest market for the drug.

On this news, the Company’s securities declined $1.31 per share, or 2.95 percent, to close on June 13, 2007 at $43.07 per share, on unusually heavy trading volume. The following day, the Company’s securities declined an additional $1.74 per share, or over 4 percent, also on unusually heavy trading volume, for a two-day decline of $3.05 per share, or over 6.87 percent.

Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin Barroway Topaz & Kessler which prosecutes class actions in both state and federal courts throughout the country. Schiffrin Barroway Topaz & Kessler is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.

For more information about Schiffrin Barroway Topaz & Kessler or to sign up to participate in this action online, please visit http://www.sbtklaw.com

If you are a member of the class described above, you may, not later than January 14, 2008, move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

CONTACT: Schiffrin Barroway Topaz & Kessler, LLP Darren J. Check, Esq. Richard A. Maniskas, Esq. 280 King of Prussia Road Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706 Or by e-mail at info@sbtklaw.com

CONTACT: Darren J. Check, Esq. or Richard A. Maniskas, Esq., both ofSchiffrin Barroway Topaz & Kessler, LLP, 1-888-299-7706, toll free,+1-610-667-7706, info@sbtklaw.com

Web site: http://www.sbtklaw.com/