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Weil Secures Significant Win for Sanofi and Genzyme in Securities Fraud Actions

On January 28, 2015, Weil achieved a decisive win for Sanofi, its wholly owned subsidiary Genzyme Corporation, and certain of their executives, in a securities fraud class action and a related case for securities fraud arising out of statements regarding the results of Phase 3 clinical trials for a multiple sclerosis drug and its prospects for FDA approval. After briefing and oral argument, the U.S. District Court for the Southern District of New York (Engelmayer, J.) issued a 57-page Opinion and Order granting the defendants’ motions to dismiss the cases in their entirety and disposing of all federal claims with prejudice. The Court’s decision is a complete victory for Sanofi and Genzyme and makes an important contribution to the growing body of law addressing the disclosure obligations of pharmaceutical companies engaged in clinical testing.

The Weil team was led by the Co-Head of Weil’s Securities Litigation practice, John Neuwirth, partners Joshua S. Amsel and Caroline Hickey Zalka, and associates Justin D. D’Aloia, Jonathan E. Algor, IV, Ellen Shapiro, and Zoe Bunnell.

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