SAN FRANCISCO, Dec. 16, 2024 (GLOBE NEWSWIRE) -- AstraZeneca PLC (NASDAQ: AZN) is facing a significant crisis in China as authorities there investigate the company for alleged fraud, illegal drug importation, and personal information breaches. The probe has caused AstraZeneca American Depositary Shares to decline sharply and raised serious concerns about the company’s business practices in one of its largest markets.
Hagens Berman has opened an investigation and urges investors in AstraZeneca American Depositary Shares and suffered substantial losses to submit your losses now.
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Investigation Into AstraZeneca (AZN):
The investigation is focused on the propriety of AstraZeneca’s business practices in China, which accounts for approximately 13% of the company’s revenue.
On October 30, 2024, AstraZeneca announced that Leon Wang, Executive Vice President International and AstraZeneca China President, is cooperating with an ongoing investigation by Chinese authorities. At the time, the company did not provide details concerning what the investigation was about. This news drove the price of AstraZeneca shares down about 3% that day.
Then, on November 5, 2024, Yicai reported, in addition to dozens of AstraZeneca China executives having been implicated, that “[s]o far, dozens of AstraZeneca staff have been convicted of fraud, with the main offenders receiving prison sentences of over 10 years[]” and “[a]n insider at a drugmaker noted that AstraZeneca’s high sales targets put extreme pressure on medical reps, which has been a major factor in the firm’s compliance issues.” This news drove the price of AstraZeneca down about 7% that day.
Most recently, on November 12, 2024, AstraZeneca announced that Mr. Wang had been detained and specified that the PRC investigations include allegations of medical insurance fraud, illegal drug importation and personal information breaches.
“The allegations against AstraZeneca are deeply troubling and raise serious concerns about the company's commitment to ethical business practices. We are investigating these matters to protect the interests of investors who may have been harmed by the company's actions,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in AstraZeneca and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the AstraZeneca investigation, read more »
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 AZN@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
