Philadelphia, Pennsylvania–(Newsfile Corp. – January 12, 2025) – Berger Montague PC advises investors that a securities class action lawsuit has been filed against Regeneron (NASDAQ:) Pharmaceuticals, Inc. (“Regeneron” or the “Company”) (NASDAQ: REGN) on behalf of purchasers of Regeneron securities between November 2, 2023 through October 30, 2024, inclusive (the “Class Period”).
Investor Deadline: Investors who purchased or acquired REGENERON securities during the Class Period may, no later than MARCH 10, 2025, seek to be appointed as a lead plaintiff representative of the class. To learn your rights, CLICK HERE.
Regeneron, headquartered in Tarrytown, NY, is a biotechnology company that designs products for eye diseases, inflammatory diseases, cancer, and cardiovascular and metabolic diseases.
On April 10, 2024, the U.S. Department of Justice announced it had filed a complaint against Regeneron under the False Claims Act. According to the DOJ, the Company failed to report millions of dollars in discounts provided to drug distributors in the form of reimbursed credit card fees.
As a result, the DOJ alleges that the average sales price of Regeneron’s Eylea drug was inflated, which inappropriately increased Medicare reimbursements.
On this news, the price of Regeneron shares declined by $31.50, more than 3%, over the next two trading days to close at $904.70 per share on April 12, 2024.
Then, on October 31, 2024, Regeneron announced that in Q3 2024, the Company’s sales had only increased 3% year-over-year, with quarterly sales of Eylea only $392 million, missing consensus estimates of $415 million to $425 million. The Company also revealed that sales of Eylea were “adversely impacted by a lower net selling price compared to the third quarter of 2023.”
On this news, Regeneron’s stock price fell $84.59, or 9%, to close at $838.20 per share on October 31, 2024.
To learn your rights or for more information, CLICK HERE or please contact Berger Montague: Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Peter Hamner at phamner@bm.net.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
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