Securities Class Actions
Alexion Securities Class Action Lawsuit - Proposed Settlement
Motley Rice LLC, as co-lead counsel, has negotiated a $125 million settlement to resolve securities class action claims brought on behalf of certain investors in Alexion Pharmaceuticals, Inc. The action, which was commenced in late 2016 in the U. S. District Court for the District of Connecticut, alleged Alexion and certain of its executives made materially false and misleading statements and omissions with respect to the source of Alexion’s reported revenues and Alexion’s sales and marketing practices for its flagship drug, Soliris® (eculizumab). The drug treats, among others, patients suffering from one of two ultra-rare diseases, paroxysmal nocturnal hemoglobinuria and atypical hemolytic uremic syndrome. The action further alleged the price of Alexion common stock was artificially inflated as a result of those allegedly false and misleading statements and omissions and declined when the truth was revealed through a series of partial disclosures.
The settlement resolves claims brought on behalf of all persons or entities who purchased or otherwise acquired the publicly traded common stock of Alexion from January 30, 2014 to May 26, 2017, inclusive, and were allegedly damaged thereby (subject to certain exclusions). The Class is represented by Motley Rice LLC and its co-counsel, Labaton Sucharow LLP. The Class Representatives are Erste Asset Management GmbH and Public Employee Retirement System of Idaho.
Claims filing deadline
To participate in the settlement, eligible class members must submit a completed claim form to the claims administrator by December 15, 2023. The claim form – and instructions regarding how to submit a claim – can be found here.
Court-conducted settlement hearing
A settlement hearing is scheduled to be held before the Honorable Alvin W. Thompson, at the Abraham Ribicoff Federal Building, either in person or remotely at the Court’s discretion, on December 20, 2023, at 1:30 p.m. At that hearing, Judge Thompson will determine, among other matters, whether the settlement is fair, reasonable and adequate, and should be approved.
If you have questions about the settlement, please contact Motley Rice by telephone at (855) 481-8480 or via email at [email protected].