HARTFORD, Conn., Nov. 15, 2007 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of all persons who purchased publicly traded stock or American Depository Receipts ("ADRs") of Sanofi-Aventis ("Sanofi" or the "Company") (NYSE:SNY) between February 17, 2006 and June 13, 2007, inclusive (the "Class Period").
The Complaint charges that Sanofi, the third largest pharmaceutical company in the world, and certain of its officers and directors violated federal securities laws. Sanofi began testing a new drug, Zimulti, which is designed to fight obesity by reducing appetite. As the first drug of its class, Zimulti was projected to become extremely profitable for Sanofi. Sanofi submitted its New Drug Application ("NDA") for Zimulti in April 2005 and on June 23, 2005, the Company announced that the Food and Drug Administration ("FDA") had accepted it for filing. The Complaint alleges that defendants' statements regarding Zimulti were materially false and misleading when made because defendants concealed data concerning Zimulti's propensity to cause depression.
On June 13, 2007, an FDA committee met and made a unanimous decision that Zimulti could not be recommended for approval. After the FDA's decision on June 13, 2007, Sanofi's securities declined 4.16%, closing at $43.07.
If you are a member of the class, you may, no later than January 14, 2008, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz Nobel Izard P.C. has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard P.C. toll-free at (800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website: www.snilaw.com.