Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson He encourages investors who suffered losses greater than $100,000 on Regeneron (NASDAQ 🙂 to contact him directly to discuss their options
If you suffered losses greater than $100,000 in Regeneron between November 2, 2023 and October 30, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly in 877-247-4292 either 212-983-9330 (extension 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 the “Company”) (NASDAQ: REGN) and reminds investors of the Deadline of March 10, 2025 to seek the role of lead plaintiff in a federal securities class action lawsuit that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the lawsuit alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose: (1) that Regeneron paid credit card fees to distributors on the condition that distributors do not charge Eylea customers more for using a credit card; (2) that these payments subsidized the prices customers paid when using credit cards to purchase Eylea; (3) that, as a result, Regeneron offered a price concession that reduced Eylea’s sales price; (4) that, because retina practices were sensitive to higher prices when using credit cards to purchase anti-VEGF medications, Regeneron’s price concessions provided a competitive advantage; (5) that, as a result of the foregoing, Regeneron misleadingly boosted Eylea’s reported sales; (6) that, by failing to report its payment of credit card charges as price concessions, Regeneron exaggerated the ASP reported to federal agencies, thereby violating the False Claims Act; and (7) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations and prospects were materially misleading and/or lacked a reasonable basis.
On April 10, 2024, the U.S. Department of Justice (“DOJ”) announced that it had filed a complaint against Regeneron under the False Claims Act. According to the Department of Justice, the company failed to report millions of dollars in discounts given to drug distributors in the form of credit card fee refunds. As a result, the DOJ alleges that the ASP for Regeneron’s drug Eylea was inflated, inappropriately increasing Medicare reimbursements. By reimbursing credit card fees, Regeneron subsidized treatment costs, thus gaining a competitive advantage over other anti-VEGF treatments.
On this news, Regeneron’s stock price decreased $31.50, or 3.36%, over two consecutive trading days to close at $904.70 on April 12, 2024, on unusually high trading volume.
Then, on October 31, 2024, before the market opened, Regeneron released its third-quarter 2024 financial results, revealing a lag in U.S. net sales of Eylea HD and Eylea. The Company reported that sales were only up 3% compared to the third quarter of 2023, and quarterly sales for Eylea HD were just $392 million, missing consensus estimates of $415 million to $425 million. . The Company also revealed that “[n]EYLEA’s product sales in the third quarter of 2024 were negatively affected by a lower net selling price compared to the third quarter of 2023.” Following this news, Reuters reported that the company had “reported quarterly sales weaker than expected.” of the higher-dose version 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, thanks to unusually high trading volume.
The court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class, which is appropriate and typical of class members directing and overseeing the litigation on behalf of the putative class. Any member of the putative class may ask the Court to serve as lead plaintiff through counsel of his or her choice, or may choose to do nothing and remain an absent class member. Your ability to participate in any recovery is not affected by the decision of whether or not to serve as lead plaintiff.
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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Lawyer advertising. The law firm responsible for this announcement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict a similar outcome with respect to any future matter. We appreciate the opportunity to discuss your particular case. All communications will be treated confidentially.
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