SAN FRANCISCO, Jan. 28, 2021 /PRNewswire/ — Hagens Berman urges AstraZeneca PLC (NASDAQ: AZN) investors to submit their losses now. A securities fraud lawsuit has been filed and certain investors may have valuable claims.
AstraZeneca PLC (AZN) Securities Fraud Class Action
The complaint alleges that Defendants misrepresented and omitted to disclose widespread flaws in the design, execution, and results of the company’s clinical trials of AstraZeneca’s COVID-19 vaccine candidate (AZD1222).
Specifically, Defendants concealed that: (1) a critical manufacturing error resulted in a substantial number of trial participants receiving half the designed dosage; (2) clinical trials consisted of an improper patient makeup that received subtly different treatments, undermining any conclusion that could be drawn from the clinical data; (3) certain clinical trial participants had not received a second dose at the designated time points; and (4) the company failed to include a substantial number of patients over 55 years of age.
Investors allegedly began to learn the truth on Nov. 23, 2020, when AstraZeneca announced an interim analysis of its ongoing trial for AZD1222, which revealed that the company used two different dosing regimens in two trials conducted abroad. In one trial, patents received a half dose followed by a full dose (resulting in 90% efficacy). In the other, patients received two full doses (resulting in 62% efficacy).
Investors learned through a series of disclosures that: (1) the differing dosing regimens were due to a known manufacturing error discovered early in the process, (2) the half dose had not been tested in patients over 55, (3) certain trial participants did not timely receive the second dose, and (4) U.S. regulators stated that, absent a clear explanation of discrepancies in the trial results, approval for commercial sale of AZD1222 in the U.S. was unlikely.
In response to this news, the price of AstraZeneca American Depositary Receipts significantly fell.
“We’re focused on investor losses and proving AstraZeneca knowingly took undisclosed shortcuts in its rush to commercialize AZD1222,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
Whistleblowers: Persons with non-public information regarding AstraZeneca should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
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Reed Kathrein, 844-916-0895
SOURCE Hagens Berman Sobol Shapiro LLP