Trending...
- Neurosurgeon Chengyuan Wu, MD, MSBmE, Joins the Actuated Medical Advisory Board
- Phinge Founder & CEO Robert DeMaio Ranked #1 Globally on Crunchbase, Continues to Convert Previous Debt Owed to Him by Phinge into Convertible Notes
- Golden Paper Launches a New Chapter in Its Americas Strategy- EXPOPRINT Latin America 2026 in Brazil
BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming June 6, 2022 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased AbbVie Inc. ("AbbVie" or the "Company") (NYSE: ABBV) securities between April 30, 2021 and August 31, 2021, inclusive (the "Class Period").
Investors suffering losses on their AbbVie investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
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.
More on The PennZone
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.
More on The PennZone
If you purchased or otherwise acquired 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 if you meet certain legal requirements. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
Investors suffering losses on their AbbVie investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
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.
More on The PennZone
- Obey God Clothing Launches Urban Christian Apparel Line Serving All Ages
- PA Golf Cart World Launches NEV Pre-Inspection & Compliance Service for 2026
- Dr. Curtis Rasmussen Shares Leadership and AI Insights on Lead Empowered TV
- Lick Personal Oils Introduces the Ultimate Valentine's Day Gift Collection for Romantic, Thoughtful Gifting
- Lacy Hendricks Earns Prestigious MPM® Designation from NARPM®
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.
More on The PennZone
- Walmart $WMT and COSTCO.COM $COST Distribution as SonicShieldX™ Platform Sets the Stage for Accelerated Growth in 2026: AXIL Brands (N Y S E: AXIL)
- AI-Driven Drug Development with Publication of New Bioinformatics Whitepaper for BullFrog AI: $BFRG Strengthens Its Position in AI Drug Development
- IQSTEL Enters 2026 from a Position of Strength Following Transformational Year Marked by N A S D A Q Uplisting, Record Revenue and First-Ever
- Are You Hiring The Right Heater Repair Company in Philly?
- Neurosurgeon Chengyuan Wu, MD, MSBmE, Joins the Actuated Medical Advisory Board
If you purchased or otherwise acquired 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 if you meet certain legal requirements. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
Filed Under: Business
0 Comments
Latest on The PennZone
- Kaltra Launches Next-Gen MCHEdesign With Full Integration Into MCHEselect — Instant Simulation & Seamless Microchannel Coil Workflow
- A Well-Fed World, Youth Climate Save and PAN International Launch PHRESH: A Global Directory of Plant-Based Hunger Relief Organizations
- Guests Can Save 25 Percent Off Last Minute Bookings at KeysCaribbean's Village at Hawks Cay Villas
- Trump's Executive Order Rescheduling Cannabis: Accelerating M&A in a Multibillion-Dollar Industry
- Genuine Hospitality, LLC Selected to Operate Hilton Garden Inn Birmingham SE / Liberty Park
- Together We Dance Foundation Announces Transformational Support from NAC Have a Heart Foundation
- Harry Hayman Celebrates Years of WHYY Coverage, Partnership & Shared Commitment to Philadelphia
- Documentary "Prescription for Violence: Psychiatry's Deadly Side Effects" Premieres, Exposes Link Between Psychiatric Drugs and Acts of Mass Violence
- Stockwell Elastomerics expands micro molding capabilities
- Price Improvement on Luxurious Lāna'i Townhome with Stunning Ocean Views
- Nextvisit Co-Founder Ryan Yannelli Identifies Six Critical Factors for Behavioral Health Providers Evaluating AI Scribes in 2026
- Healthcare Executive Derek Streich Launches Professional Website with Derek Streich Video Biography
- CredHub and Real Property Management Join Forces to Empower Franchise Owners with Rental Payment Credit Reporting Solutions
- Leimert Park Announces Weeklong Kwanzaa Festival & Kwanzaa Parade Celebrating Black History, Culture, and Community
- Schmuck Lumber Ace Hardware Opens New Greenhouse Addition
- Renowned Alternative Medicine Specialist Dr. Sebi and His African Bio Mineral Balance Therapy Are the Focus of New Book
- Psychiatric Drug Damage Ignored for Decades; CCHR Demands Federal Action
- Why Millions Are Losing Sexual Sensation, And Why It's Not Age, Hormones, or Desire
- Justin Jeansonne An Emerging Country Singer-Songwriter Music Fans Have Been Waiting For…a True Maverick
- Russellville Huntington Learning Center Expands Access to Literacy Support; Approved Provider Under Arkansas Department of Education