| Company: | Sanofi-Aventis |
| Ticker Symbol: | NYSE: SNY |
| Class Period: | February 17, 2006 to June 13, 2007 |
| Date Filed: | Nov-13-07 |
| Lead Plaintiff Deadline: | Jan-10-08 |
| Court: | Southern District, NY |
| Allegations: |
A class action has been commenced on behalf of an institutional investor in the United States District Court for the Southern District of New York on behalf of purchasers of Sanofi-Aventis ("Sanofi" or the "Company") (NYSE:SNY) publicly traded stock or American Depository Receipts ("ADRs") between February 17, 2006 and June 13, 2007 (the "Class Period").
The complaint charges Sanofi and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Sanofi-Aventis engages in the research, development, manufacture, and marketing of healthcare products worldwide.
Sanofi is the third largest pharmaceutical company in the world. According to the complaint, in 2002, Sanofi began testing a new drug, Zimulti, which is designed to fight obesity by reducing appetite. As the first drug of its class, Zimulti was projected to become extremely profitable for Sanofi. Sanofi submitted its New Drug Application ("NDA") for Zimulti in April 2005 and on June 23, 2005, the Company announced that the Food and Drug Administration ("FDA") had accepted it for filing. The complaint alleges that defendants' statements regarding Zimulti were materially false and misleading when made because defendants concealed data concerning Zimulti's propensity to cause depression.
On June 13, 2007, the committee met and made a unanimous decision that Zimulti could not be recommended for approval. After the FDA's decision on June 13, 2007, Sanofi's securities declined $1.87, or 4.16%, closing at $43.07 on heavy trading volume.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The complaint charges Sanofi and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Sanofi-Aventis engages in the research, development, manufacture, and marketing of healthcare products worldwide.
Sanofi is the third largest pharmaceutical company in the world. According to the complaint, in 2002, Sanofi began testing a new drug, Zimulti, which is designed to fight obesity by reducing appetite. As the first drug of its class, Zimulti was projected to become extremely profitable for Sanofi. Sanofi submitted its New Drug Application ("NDA") for Zimulti in April 2005 and on June 23, 2005, the Company announced that the Food and Drug Administration ("FDA") had accepted it for filing. The complaint alleges that defendants' statements regarding Zimulti were materially false and misleading when made because defendants concealed data concerning Zimulti's propensity to cause depression.
On June 13, 2007, the committee met and made a unanimous decision that Zimulti could not be recommended for approval. After the FDA's decision on June 13, 2007, Sanofi's securities declined $1.87, or 4.16%, closing at $43.07 on heavy trading volume.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
