The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired AbbVie Inc. (“AbbVie” or the “Company”) (NYSE: ABBV) securities between April 30, 2021 and August 31, 2021, inclusive (the “Class Period”). AbbVie investors have until June 6, 2022, to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
AbbVie’s Janus kinase (“JAK”) inhibitor drug, Rinvoq, has been approved by the U.S. Food and Drug Administration (“FDA”) for the treatment of moderate to severe rheumatoid arthritis (“RA”). In 2020, AbbVie sought regulatory approval to expand the indications for Rinvoq.
On June 25, 2021, AbbVie disclosed that the FDA would not complete its review of several of the expanded treatment indications for Rinvoq within the previously-announced timeframe due to its ongoing evaluation of safety concerns associated with other JAK inhibitor drugs.
On this news, AbbVie’s common stock fell $1.76, or 1.5%, to close at $112.98 per share on June 25, 2021, thereby injuring investors.
Then, on September 1, 2021, the FDA announced that the safety trials for another JAK inhibitor drug, Xeljanz, had established an increased risk of serious adverse events, even with low doses, and determined that new and updated warnings would be required for those drugs as well as for Rinvoq, as it shares “similar mechanisms of action” and “may have similar risks.” The FDA also disclosed that it would further limit approved indications for Rinvoq as a result of safety concerns.
On this news, AbbVie’s common stock fell $8.51, or 7%, to close at $112.27 per share on September 1, 2021, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) safety concerns about Xeljanz extended to Rinvoq and other JAK inhibitors; (2) as a result, it was likely that the FDA would require additional safety warnings for Rinvoq and would delay the approval of additional treatment indications for Rinvoq; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased AbbVie securities during the Class Period, you may move the Court no later than June 6, 2022 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased AbbVie securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of AbbVie Inc. (ABBV) Investors
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007