Recent Security Class Actions

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According to the Complaint, GSK plc is a global pharmaceutical company that develops, manufactures, and markets vaccines and medicines worldwide. This lawsuit was filed against GSK and three of its Officers.

In the 1980s, Glaxo, a predecessor company to GSK, launched a treatment for heartburn and acid reflux: ranitidine, under the brand name Zantac. Over the next four decades, Zantac was used by millions of patients and generated billions of dollars for GSK. In 2019, independent laboratory Valisure found N-nitrosodimethylamine (“NDMA”), a cancer-causing poison, in “every batch of every [Zantac] medication” that it tested. Valisure reported these results to the FDA and to the public. In September and October 2019, GSK suspended its distribution of Zantac and initiated a voluntary recall.

The Complaint alleges that, throughout the Class Period, Defendants represented to investors that GSK removed Zantac from the market “[b]ased on information available at the time and correspondence with regulators,” and that GSK was “continuing with investigations into the potential source of NDMA.” The Complaint further alleges that 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.” In addition, the Complaint alleges Defendants claimed that they could not “quantify or reliably estimate the liability” GSK could face from Zantac-related legal proceedings. Finally, the Complaint alleges that these representations were materially false or misleading and caused GSK ADRs to trade at artificially inflated prices during the Class Period.

GSK plc American Depositary Shares (Each representing two Ordinary Shares) (NYSE: GSK) Claim Form