ABBVIE INC. Company News : Berger Montague Investigating Allegations of Securities Fraud Against Abbvie, Inc. (ABBV); The deadline for the main applicant is June 6, 2022

Philadelphia, Pa.–(Newsfile Corp. – May 10, 2022) – Shepherd Montague investigating allegations of securities fraud on behalf of investors who purchased securities of AbbVie, Inc. (“AbbVie” or the “Company”) ABBV Between April 30, 2021 and August 31, 2021 (the “Class Period”).

If you purchased AbbVie securities during the Class Period, wish to discuss Berger Montague’s investigation, or have any questions regarding your rights or interests, please contact attorneys Andrew Abramowitz at [email protected] or (215) 875- 3015, or Michael Dell’Angelo at [email protected] or (215) 875-3080 or visit: https://investigations.bergermontague.com/abbvie-inc/.

Whistleblowers: Anyone with nonpublic information about AbbVie is encouraged to confidentially participate in Berger Montague’s investigation or take advantage of the SEC’s whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.

According to the complaint, during the class action period, AbbVie was seeking FDA approval for additional treatment indications for Rinvoq, the company’s anti-inflammatory drug used to treat rheumatoid arthritis (RA) and others. diseases by inhibiting Janus kinase (JAK) enzymes. Rinvoq is similar to other JAK inhibitor drugs, such as Xeljanz, made by Pfizer, which required additional safety testing to assess the risk of Xeljanz triggering certain serious side effects.

The lawsuit alleges that, notwithstanding the similarities between Rinvoq and Xeljanz, the defendants assured investors that Rinvoq was significantly safer than Xeljanz and not subject to the same regulatory risks.

On June 25, 2021, AbbVie disclosed that the FDA was delaying its review of expanded treatment applications for Rinvoq due to safety concerns associated with Xeljanz. On this news, AbbVie’s common stock price declined $1.76 per share, or approximately 1.5%, from a close of $114.74 per share on June 24, 2021 to $112.98. per share on June 25, 2021.

Then, on September 1, 2021, the FDA announced that the final safety trial results for Xeljanz established an increased risk of serious adverse events. As a result, the FDA has determined that it will require new and updated warnings for Xeljanz and Rinvoq because Rinvoq “shares[s] similar mechanisms of action with Xeljanz” and “may pose similar risks to those observed in the safety trial of Xeljanz.” The FDA also indicated that it would further limit the approved indications for Rinvoq due to these safety issues safety.

On this news, AbbVie’s common stock price fell $8.51 per share, or more than 7%, from a close of $120.78 per share on August 31, 2021 to $112.27 per share. action on September 1, 2021.

Shepherd Montaguewith offices in Philadelphia, Minneapolis, Washington, D.C. and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for more than five decades and acts as lead counsel before the courts. across the United States.

contacts

Andrew Abramowitz, Senior Counsel
Shepherd Montague
(215) 875-3015
[email protected]

Michael Dell’Angelo, executive shareholder
Shepherd Montague
(215) 875-3080
[email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/123446

Karen J. Nelson