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Faruqi & Faruqi, LLP Securities Litigation Partners James (Josh) Wilson Urges Investors Who Lost More Than $100,000 in Regeneron (NASDAQ: ) to Contact Him Directly to Discuss Their Options
If you have a loss of more than $100,000 per Regeneron between November 2, 2023 and October 30, 2024 and you would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson live to 877-247-4292 or 212-983-9330 (Ext. 1310).
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New York, New York–(Newsfile Corp. – January 18, 2025) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Regeneron Pharmaceuticals, Inc . (“Regeneron” or “Company”) (NASDAQ: REGN) and reminds investors of March 10, 2025 deadline seeking the role of lead plaintiff in a federal class action against the Company.
Faruqi & Faruqi is a leading national security law firm with offices in New York, Pennsylvania, California and Georgia. The firm has raised hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As described below, the complaint alleges that the Company and its directors violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Regeneron paid credit card fees to merchants based on the terms that merchants have created. do not charge Eylea customers more than using a credit card; (2) that these payments covered the prices that customers paid when using credit cards to purchase Eylea; (3) that, as a result, Regeneron granted a price reduction to Eylea’s sales price; (4) that, because retina systems considered high prices when using credit cards to purchase anti-VEGF drugs, Regeneron’s pricing agreements provided a competitive advantage; (5) that, as a result of the foregoing, Regeneron improperly boosted sales of Eylea; (6) that, by failing to report its payment of credit card fees as purchase agreements, Regeneron exceeded ASP reporting to government agencies, thereby violating the False Claims Act; and (7) that, as a result of the foregoing, the Defendants’ positive statements regarding the Company’s business, operations, and prospects were materially misleading and/or had no reasonable basis .
On April 10, 2024, the United States Department of Justice (“DOJ”) announced that 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 rebates given to drug dealers in the form of credit card chargebacks. As a result, the DOJ claims that the ASP of Regeneron’s Eylea drug was inflated, which inappropriately increased Medicare payments. By reimbursing the credit card charges, Regeneron covered the cost of the treatment, thus gaining a competitive advantage over other anti-VEGF therapies.
In this news, Regeneron’s share price fell by $31.50 or 3.36%, in two consecutive trading days to close at $904.70 on April 12, 2024, in unusually heavy trading volume.
Then, on October 31, 2024, before the market opened, Regeneron released its financial results for the third quarter of 2024, revealing the remaining US sales for Eylea HD and Eylea. The company reported that sales increased just 3% compared to the third quarter of 2023, and Eylea HD quarterly sales were just $392 million, missing consensus estimates of $415 million to $425 million. . The company also disclosed that “(n)et sales of EYLEA products in the third quarter of 2024 were negatively affected by lower sales prices compared to the third quarter of 2023.” Following the news, Reuters reported that the Company “reported weaker-than-expected quarterly sales 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.
The lead plaintiff appointed by the court is the investor with the greatest financial interest in the relief sought by a reasonable and common class of class members conducting and overseeing the case on behalf of the putative class. Any member of the arbitration panel may have the Court act as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent panel member. Your ability to participate in any recovery is not affected by the decision to serve as the lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information about Regeneron’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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To view the source version of this release, please visit https://www.newsfilecorp.com/release/237486
