AbbVie Inc Securities Litigation

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Lawsuit Overview

Defendant:AbbVie Inc.
Date Filed:July 26th, 2018
Sector:Health Care
Industry:Major Pharmaceuticals

According to the Complaint, AbbVie Inc. ("AbbVie" or the "Company") is a global, research-based biopharmaceutical company.

The Complaint alleges that AbbVie and one of its officers violated the Securities Exchange Act of 1934 by issuing false and misleading statements, in both press releases and filings with the U.S. Securities and Exchange Commission, regarding the results of the Company's $7.5 billion modified Dutch auction tender offer that expired on May 29, 2018 (the "Tender Offer"). Specifically, the Complaint alleges that before the opening of trading on May 30, 2018, the Company announced that it expected to acquire 71.4 million of its shares tendered at or below $105 per share. As a result of that news, the price of AbbVie securities significantly increased. However, after the close of trading on May 30, 2018, the Company surprised the market by releasing materially different results for the Tender Offer due to certain omissions, announcing that the Company expected to acquire only those shares tendered at or below $103 per share. The price of the Company's shares fell sharply on the news, harming all investors that purchased AbbVie securities at artificially inflated prices on May 30, 2018.

On October 2, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on November 1.

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Reference Complaint

Walleye Trading LLC, et al. v. AbbVie Inc., et al.

Date Filed:November 1st, 2018
Class Period Start:May 30th, 2018
Class Period End:May 30th, 2018
Reference Complaint Filings
#Document TitleFiling Date
 
First Identified Complaint

Walleye Trading LLC, et al. v. AbbVie Inc, et al.

Date Filed:July 26th, 2018
Class Period Start:May 20th, 2018
Class Period End:May 30th, 2018
First Identified Complaint Filings
#Document TitleFiling Date