AbbVie Inc.

  • Active

Investigation
06/25/2021

Initial Lawsuit
04/06/2022

Lawsuit Progression
06/06/2022

Investigation

  • Continous Holding
    April 30, 2021 to August 31, 2021
  • Proposed Claim
    Securities Violation

Investors investigation into whether AbbVie made misleading statements regarding the safety of its anti-inflammatory drug Rinvoq following additional safety warnings and FDA marketing limits.

Main Event

Safety Concerns - FDA Warning

09/01/2021

U.S. Agency

The U.S. Food and Drug Administration (FDA) announces warnings about increased risk of serious heart-related events, cancer, blood clots, and death for JAK inhibitors that treat certain chronic inflammatory conditions: “we have concluded there is an increased risk of serious heart-related events such as heart attack or stroke, cancer, blood clots, and death with the arthritis and ulcerative colitis medicines Xeljanz and Xeljanz XR (tofacitinib).”

“We are requiring new and updated warnings for two other arthritis medicines in the same drug class as Xeljanz, called Janus kinase (JAK) inhibitors, Olumiant (baricitinib) and Rinvoq (upadacitinib). Olumiant and Rinvoq have not been studied in trials similar to the large safety clinical trial with Xeljanz, so the risks have not been adequately evaluated. However, since they share mechanisms of action withXeljanz, FDA considers that these medicines may have similar risks as seen in the Xeljanz safety trial.“

The stock impact compares the closing price immediately preceding the date of the event and the following closing price. The price difference also reflects the overall mix of information.

Stock Impact

Close Previous close Price variation Percentage variation
$112.27 $120.78 $-8.51 -7.05%
See more on Factual Timeline

Initial Lawsuit

First Complaint - 04/06/2022

This is a securities class action on behalf of a class of all persons and entities who purchased or otherwise acquired AbbVie securities between April 30, 2021, through August 31, 2021, inclusive.

  • Filing Date
    04/06/2022
  • Class Period
    04/30/2021 to 08/31/2021
  • Transgression
    Securities Violation
  • Filing Firms
    Kessler Topaz Meltzer & Check, LLP
  • Case Title
    Nakata v. AbbVie Inc. et al
  • Docket Number
    1:22-cv-01773
  • Court
    Illinois Northern District Court
  • Free File
    Complaint

Allegations

According to the complaint, 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 allegedly 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) therefore, defendants’ statements about the company’s business, operations, and prospects lacked a reasonable basis.

Defendants

  • Company
    AbbVie Inc.
  • Chief Executive Officer
    Richard A. Gonzalez
  • Chief Financial Officer
    Robert A. Michael
  • Chief Commercial Officer
    Jeffrey R. Stewart
  • President
    Michael E. Severino

Lawsuit progression

  • Docket Number
    1:22-cv-01773
  • Court
    Illinois Northern District Court

The lead plaintiff deadline has passed, we will update this page as the lawsuit progresses.
Last event retrieved on 10/10/2022.

[stockdio-historical-chart symbol=”ABBV” stockExchange=”NYSENasdaq” width=”500″ height=”330″ motif=”blinds” palette=”humanity” includeVolume=false]

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