AbbVie class action alleges company made false, misleading statements to investors

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AbbVie Rinvoq securities class action lawsuit overview: 

• Who: Levi & Korsinsky, LLP filed a class action securities lawsuit against the biotech company. 
• Why: The lawsuit alleges AbbVie made false statements to investors about its rheumatoid arthritis drug Rinvoq, namely how safety concerns surrounding Pfizer’s drug Xeljanz extends to both Rinvoq and AbbVie’s other Janus kinase enzyme inhibitor drugs. 
• Where: The class action lawsuit seeks to represent AbbVie investors nationwide. 

AbbVie investors are part of a class action lawsuit filed against the biotech company over claims it made false statements about its rheumatoid arthritis drug Rinvoq. 

The AbbVie class action alleges the company conceals from investors how safety concerns about Pfizer’s drug Xeljanz related to Rinvoq and its other Janus kinase enzyme inhibitor drugs, according to a news release by Levi & Korsinsky, LLP. 

The connection between Xeljanz concerns and AbbVie’s drugs means the U.S. Food and Drug Administration will likely require more safety warnings and that additional treatment indications for Rinvoq will be delayed, according to the AbbVie class action. 

“Therefore, defendants’ statements about the Company’s business, operations and prospects lacked a reasonable basis,” Levi & Korsinsky, LLP says. 

The class action lawsuit attempts to reimburse AbbVie investors who were “adversely affected by alleged securities fraud” occurring between April 30, 2021, and Aug. 31, 2021. 

Investors who wanted to be included as a lead plaintiff in the class action lawsuit had until June 6 to make a request to the court, according to the news release. 

AbbVie formerly accused of kickback scheme for Humira drug

A separate class action lawsuit filed by investors against AbbVie and certified in October of last year claim the company inflated its stock price by erroneously crediting the success of its Humira drug to its marketing practices. 

Investors behind the AbbVie class action lawsuit say the actual reason for the success of the company’s Humira drug was due to an alleged kickback scheme the company operated with physicians. 

The alleged kickback scheme came to light after the California Department of Insurance filed a lawsuit, which was reportedly settled for $24 million, against AbbVie back in 2018. 

Are you an AbbVie investor who has been injured financially? Let us know in the comments! 

The plaintiffs are represented by Levi & Korsinsky, LLP. 

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