An investigation on behalf of current investors in AstraZeneca PLC (NYSE: AZN) over possible Securities Laws violations was announced. If you are a current investor in AstraZeneca PLC (NYSE: AZN) and/or hold AstraZeneca PLC (NYSE: AZN) since 2005, you should contact the Shareholders Foundation, Inc. immediately!
Email: Mail@ShareholdersFoundation.com
or Call us TODAY!
Phone: +1-(858)-779-1554
According to the investigation by a law firm on February 26, 2009, AstraZeneca PLC agreed to unseal documents related to its multi-billion-dollar antipsychotic drug Seroquel concerning lawsuits pending in a U.S. federal court brought by thousands of plaintiff’s alleging to be harmed by Seroquel. On February 27, 2009, the Wall Street Journal reported in an article entitled “AstraZeneca Papers Raise Seroquel Issues” as follows:
“A document dated February 12, 1997, describes internal company deliberations over how to report “Study 15,” a study comparing Seroquel to Haldol, an older-generation psychiatric drug. In the document, an AstraZeneca employee named Richard Lawrence writes to his team that one of his colleagues had done a great “smoke and mirrors job,” and another suggested an approach that “should minimize [sic] (and dare I venture to suggest) could put a positive spin (in terms of safety) on this cursed study.”
Also on February 26, 2009, so the investigation, AstraZeneca PLC received a “Complete Response Letter” from the U.S. Food and Drug Administration requesting additional information for AstraZeneca PLC’s supplemental New Drug Application for SEROQUEL XR, an extended release formulation of Seroquel.On February 28, 2009, the Wall Street Journal further reported in an article entitled “AstraZeneca Drug’s Effectiveness Questioned” as follows:
“In some of its marketing material for the drug, AstraZeneca says that Seroquel works as well as – and sometimes better than – some other antipsychotics.
However, a newly unveiled analysis from 2000 of a dozen studies AstraZeneca conducted to test Seroquel’s efficacy indicates that the drug was less effective than a half-century old generic medicine called haloperidol. Seroquel proved only more effective than a placebo, according to the analysis, which emerged Friday among the hundreds of pages of unsealed documents”.
The Wall Street Journal article further observed that the previously undisclosed data suggesting that Seroquel may not be as effective as some of its competitors could affect sales of AstraZeneca’s second-biggest selling drug. Moreover, according to the article, AstraZeneca doctors had debated how to handle the efficacy findings:
“In a March 23, 2000, email, John Tumas, the publications manager for Seroquel, wrote to other AstraZeneca employees that “the data don’t look good.” He added that the company’s own analysis supported the view “that we are less effective than haloperidol and our competitors.”
On February 27, 2008, the trading day after the above noted disclosures, AstraZeneca securities declined approximately 5% on heavier than usual volume, so the investigation.
According to the investigation this case may affect purchasers of securities as early as February 2005. If you are a current investor in AstraZeneca PLC (NYSE: AZN) and/or hold AstraZeneca PLC (NYSE: AZN) since 2005, you should contact the Shareholders Foundation, Inc. immediately!
Email: Mail@ShareholdersFoundation.com
or Call us TODAY!Phone: +1-(858)-779-1554
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North
- Suite 423 -
92108 San Diego
Tel:+1-(858)-779-1554
Fax:+1-(858)-605-5739
mail@shareholdersfoundation.com
http://www.shareholdersfoundation.com/
Source
No comments:
Post a Comment