A 2016 class action lawsuit against pharmaceutical company Alexion, which claimed that the company’s unethical sales practices led to a decline in its stock price, might conclude after both parties proposed a $125 million settlement. The lawsuit represented shareholders who bought stocks between January 2014 and May 2017. Alexion was accused of using illegal strategies to boost its drug sales, Soliris, and not disclosing these practices to shareholders, leading to a more than 30% drop in stock price when the allegations were revealed. Despite not having to admit wrongdoing in the proposed settlement, the final decision still requires federal court approval. The settlement money will be used to cover taxes, legal fees, administrative costs, and claimants’ compensation.
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[Source: Endpoints News, September 14th, 2023]