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Berger Montague Investigates Securities Fraud Allegations Against Abbvie, Inc.

DATE: May 5, 2022

ABBVIE INC. Company News: Berger Montague Investigates Securities Fraud Allegations Against Abbvie, Inc. (NYSE: ABBV); Lead Plaintiff Deadline is June 6, 2022

PHILADELPHIA, May 5, 2022Berger Montague is investigating securities fraud allegations on behalf of investors who purchased the securities of AbbVie, Inc. (“AbbVie” or the “Company”) (NYSE: ABBV) between April 30, 2021 and August 31, 2021 (the “Class Period”).

If you purchased AbbVie securities during the Class Period, would like to discuss Berger Montague’s investigation, or have questions concerning 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 non-public information regarding AbbVie is encouraged to confidentially assist Berger Montague’s investigation or take advantage of the SEC 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 Period, AbbVie was pursuing FDA approval of additional treatment indications for Rinvoq, the Company’s anti-inflammatory drug used to treat rheumatoid arthritis (RA) and other diseases by inhibiting Janus kinase (JAK) enzymes. Rinvoq is similar to other JAK inhibitor drugs, such as Xeljanz, manufactured by Pfizer, and which required an additional safety trial to evaluate Xeljanz’s risk of triggering certain serious side effects.

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

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

Then, on September 1, 2021, the FDA announced that final results from the Xeljanz safety trial established an increased risk of serious adverse events. As a result, the FDA determined that it would require new and updated warnings for Xeljanz and Rinvoq because Rinvoq “share[s] similar mechanisms of action with Xeljanz” and “may have similar risks as seen in the Xeljanz safety trial.” The FDA also indicated that it would further limit approved indications for Rinvoq as a result of these safety concerns.

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

 

 

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