AbbVie Inc. Class Action Lawsuit - ABBV
- Company Name
- AbbVie Inc.
- Stock Symbol
- Class Period
- April 30, 2021 to August 31, 2021
- Motion Deadline
- June 6, 2022
- Northern District of Illinois
The AbbVie class action lawsuit seeks to represent purchasers of AbbVie Inc. (NYSE: ABBV) securities between April 30, 2021 and August 31, 2021 inclusive (the “Class Period”). Commenced on April 6, 2022 in the Northern District of Illinois, the AbbVie class action lawsuit – captioned Nakata v. AbbVie, Inc., No. 22-cv-01773 (N.D. Ill.) – charges AbbVie and certain of its top executive officers with violations of the Securities Exchange Act of 1934.
If you suffered significant losses and wish to serve as lead plaintiff of the AbbVie class action lawsuit, please provide your information by clicking here. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the AbbVie class action lawsuit must be filed with the court no later than June 6, 2022.
CASE ALLEGATIONS: AbbVie’s biggest drug, accounting for more than a third of AbbVie’s revenue, is Humira, an anti-inflammatory drug used to treat illnesses such as Crohn’s disease, ulcerative colitis, rheumatoid arthritis (“RA”), and more. While patents have protected Humira’s profits for years, biosimilar drugs will be permitted to enter the market and compete directly with Humira beginning in 2023. Accordingly, AbbVie’s future revenue and earnings depend in large part on AbbVie’s ability to develop new sources of revenue to offset reduced Humira sales. Rinvoq – an anti-inflammatory drug manufactured by AbbVie and used to treat RA and other diseases by inhibiting Janus kinase (“JAK”) enzymes – was touted as one such drug.
Rinvoq was initially approved in the United States to treat only moderate to severe RA. However, AbbVie was actively pursuing additional treatment indications and, in 2020, asked the U.S. Food and Drug Administration (the “FDA”) to approve Rinvoq for the treatment of several other diseases, including psoriatic arthritis, ankylosing spondylitis, and atopic dermatitis. Rinvoq uses the same mechanism of action as other JAK inhibitor drugs, including Xeljanz and Xeljanz XR (collectively, “Xeljanz”), manufactured by Pfizer Inc., and Olumiant, manufactured by Eli Lilly and Company. When the FDA approved Xeljanz in 2012 for the treatment of RA, it required an additional safety trial to evaluate Xeljanz’s risk of certain serious adverse effects compared with non-JAK inhibitor anti-inflammatory drugs. Beginning in February 2019, the FDA repeatedly warned the public that the Xeljanz safety trial indicated that certain dosages of Xeljanz were associated with elevated risks of serious heart-related issues, cancer, and other adverse events.
The AbbVie class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) safety concerns about Xeljanz extended to Rinvoq and other JAK inhibitors; (ii) 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 (iii) therefore, defendants’ statements about AbbVie’s business, operations, and prospects lacked a reasonable basis.
On June 25, 2021, AbbVie revealed that the FDA would not complete its review of several of the expanded treatment indications for Rinvoq by the end of June, as previously announced, due to its ongoing evaluation of safety concerns associated with Xeljanz. On this news, the price of AbbVie common stock declined.
Then, on September 1, 2021, the FDA announced that final results from the Xeljanz safety trial established an increased risk of serious adverse events, even with low doses of Xeljanz. 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 by more than 7%, further damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased AbbVie securities during the Class Period to seek appointment as lead plaintiff in the AbbVie class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class action lawsuit. An investor’s ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.