The Gross Law Firm notifies investors that a class action has commenced in the United States District Court for the Eastern District of Pennsylvania on behalf of shareholders of GSK plc who purchased American Depositary Receipts between February 5, 2020 and August 14, 2022.
According to the filed complaint, defendants represented to investors that GSK removed Zantac from the market “[b]ased on information available at the time and correspondence with regulators.” GSK also stated that it was “continuing with investigations into the potential source of NDMA.” Defendants also assured investors that “GSK, the FDA, and the EMA [European Medicines Agency] have all independently concluded that there is no evidence of a causal association between ranitidine therapy and the development of cancer in patients,” findings that were “consistent with other ranitidine data published prior to 2019.” Finally, defendants claimed that they could not “quantify or reliably estimate the liability.” These representations were materially false or misleading. In truth, GSK was fully aware of the source of NDMA and had been for nearly 40 years before withdrawing Zantac from the market.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until April 7, 2025 to request that the court appoint them lead plaintiff.
To receive more information, please fill out the form.
