Farocki & Farocki LLP Securities Litigation Partner James (Josh) Wilson encourages investors who have suffered losses exceeding $100,000 in Regeneron (NASDAQ:) to contact him directly to discuss their options.
If you suffer losses exceeding $100,000 Regeneron Between November 2, 2023 and October 30, 2024 If you would like to discuss your legal rights, contact Farooqui & Farooqui Partner Josh Wilson live in 877-247-4292 or 212-983-9330 (ext. 1310).
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New York, New York–(Newsfile Corp. – January 9, 2025) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Regeneron Pharmaceuticals, Inc. (“Regeneron” or the “Company”) (NASDAQ: REGN) and reminds investors of March 10, 2025 deadline For the role of lead plaintiff in a federal securities class action lawsuit filed against the Company.
Farooqui & Farooqui is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The company has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated the federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Regeneron paid credit card fees to distributors on the condition that distributors would not charging Eylea customers additional fees for using a credit card; (2) that these payments subsidize the prices customers paid when using credit cards to purchase Eylea; (3) that as a result, Regeneron offered a price concession that reduced Elijah's selling price; (4) that because retina practices were sensitive to price increases when using credit cards to purchase anti-VEGF drugs, the price concessions offered by Regeneron provided a competitive advantage; (5) that as a result of the foregoing, Regeneron misleadingly boosted reported sales of Eylea; (6) that by not reporting credit card charge payments as price concessions, Regeneron overstated the ASP reported to federal agencies, thereby violating the False Claims Act; and (7) that as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On April 10, 2024, the U.S. Department of Justice (“DOJ”) announced that it had filed a complaint against Regeneron under the False Claims Act. According to the Department of Justice, the company failed to report millions of dollars in rebates provided to drug distributors in the form of credit card chargebacks. As a result, the Department of Justice alleges that the daily selling price for Regeneron's drug Eylea was inflated, improperly increasing Medicare reimbursements. By paying credit card fees, Regeneron subsidized the costs of the treatment, thus gaining a competitive advantage over other anti-VEGF treatments.
On this news, Regeneron's stock price fell $31.50, or 3.36%, over two consecutive trading days to close at $904.70 on April 12, 2024, on unusually heavy trading volume.
Then, on October 31, 2024, before the market opened, Regeneron released its third-quarter 2024 financial results, revealing that U.S. net sales of Eylea HD and Eylea were delayed. The company reported that sales increased just 3% compared to the third quarter of 2023, and Eylea HD's quarterly sales were just $392 million, missing consensus estimates of $415 million to $425 million. The company also disclosed that “net sales of EYLEA products in the third quarter of 2024 were negatively impacted by a lower net selling price compared to the third quarter of 2023.” In the wake of this news, Reuters reported that the company “reported weaker-than-expected quarterly sales for the higher-dose version of its blockbuster eye disease drug Eylea.”
On this news, Regeneron's stock price fell $84.59, or 9.2%, to close at $838.20 per share on October 31, 2024, on unusually heavy trading volume.
A court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class and is appropriate and typical for members of the class who direct and oversee litigation on behalf of the putative class. Any member of the putative class may ask the court to serve as lead plaintiff through counsel of their choice, or they may choose to do nothing and remain an absent member of the class. Your ability to participate in any recovery is not affected by the decision whether or not to serve as lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Regeneron's conduct to contact the company, including whistleblowers, former employees, shareholders and others.
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Lawyer advertisement. The law firm responsible for this announcement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict a similar result with respect to any future matter. We welcome the opportunity to discuss your specific case. All communications will be treated confidentially.
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