Top Class Actions’s website and social media posts use affiliate links. If you make a purchase using such links, we may receive a commission, but it will not result in any additional charges to you. Please review our Affiliate Link Disclosure for more information.
AbbVie Stock Price, Humira Kickback Class Action Lawsuit Overview:
- Who: A class action lawsuit lodged against AbbVie by its investors has been certified.
- Why: Investors claim AbbVie inflated its stock price by inaccurately attributing the success of its drug Humira to its marketing practices instead of an alleged kickback scheme with physicians.
- Where: The class action lawsuit was certified in Illinois federal court.
A class action lawsuit lobbed against AbbVie in 2018 by investors who claim the biopharmaceutical company inflated its stock price has been certified by a federal judge in Illinois.
Investors allege AbbVie misled the public about the effect a kickback scheme — uncovered by the California Department of Insurance in 2018 — had on the value of its autoimmune drug Humira .
AbbVie Stock Plummets After Humira Kickback Scheme Revealed
Humira has been the best selling drug in the world since 2012, accruing sales of $20 billion in 2020 alone, reports FiercePharma.
Investors claim statements made by AbbVie indicating Humira’s high value was due to the company’s marketing and sales strategy were false, and that it was actually because of an illegal kickback scheme.
AbbVie — which reportedly reached a $24 million settlement with the Insurance Department — saw its stock price plummet once news of the kickback scheme became public, investors allege.
Prosecutors in the California lawsuit claimed AbbVie gave kickbacks to physicians in the form of cash, drinks, meals, gifts, trips, and patient referrals in order to sell more Humira prescriptions.
Further, prosecutors accused AbbVie of hiring “nurse ambassadors,” who would go to patients’ homes and provide them with Humira-related care.
AbbVie has argued that its stock price had already adjusted to the news of the kickback scheme allegations and that the drop was not related, reports FiercePharma.
Did you invest in AbbVie stock? Will you take part in this class action lawsuit or settlement? Let us know in the comments!
The plaintiffs are represented by Gregg S. Levin, Christopher F. Moriarty and Erin C. Williams of Motley Rice LLC; Arthur C. Leahy, Lucas F. Olts and Kevin A. Lavelle of Robbins Geller Rudman & Dowd LLP; and Anthony F. Fata of Cafferty Clobes Meriwether & Sprengel LLP.
The AbbVie Stock Price, Humira Kickback Class Action Lawsuit is Mayuko Holwill et al. v. AbbVie Inc. et al., Case No. 1:18-cv-06790, in the U.S. District Court for the Northern District of Illinois.
Don’t Miss Out!
Check out our list of Class Action Lawsuits and Class Action Settlements you may qualify to join!
Read About More Class Action Lawsuits & Class Action Settlements:
- Marketing of Humira is Misleading, Investors Claim in Proposed Class Action
- Taste of the Wild, Kirkland Pet Foods Grain-Free Products $8M Class Action Settlement
- DKNY Uses Fake Sales to Trick Customers Into Buying Clothes, Class Action Alleges
- Adidas Sued for Deceptive Advertising in New Class Action Lawsuit
