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AbbVie Inc. 


The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of Illinois on behalf of those who acquired AbbVie Inc. (“AbbVie” or the “Company”) (NYSE: ABBV) securities from April 30, 2021 through August 31, 2021 (the “Class Period”). Investors have until June 6, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
 
AbbVie is one of the world’s largest pharmaceutical companies. Its biggest drug, Humira—an anti-inflammatory drug used to treat illnesses such as Crohn’s disease, ulcerative colitis, rheumatoid arthritis (“RA”), and more—was, in 2021 (aside from COVID-19 vaccines), the world’s best-selling prescription drug, with net revenue of more than $20 billion in 2021. Humira accounts for more than a third of AbbVie’s net revenue.
 
On June 25, 2021, AbbVie revealed that the FDA would not complete its review of several of the expanded treatment indications for Rinvoq by the end of June, as previously announced, due to its ongoing evaluation of safety concerns associated with Xeljanz. On this news, the price of AbbVie common stock declined by $1.76 per share, or approximately 1.53%, from $114.74 per share on June 24, 2021, to close at $112.98 per share on June 25, 2021.
 
On September 1, 2021, the FDA announced that final results from the Xeljanz safety trial established an increased risk of serious adverse events, even with low doses of Xeljanz. As a result, the FDA determined that it would require new and updated warnings for Xeljanz and Rinvoq because Rinvoq “share[s] similar mechanisms of action with Xeljanz” and “may have similar risks as seen in the Xeljanz safety trial.” The FDA also indicated that it would further limit approved indications for Rinvoq as a result of these safety concerns. On this news, the price of AbbVie common stock declined by $8.51 per share, or approximately 7.05%, from $120.78 per share on August 31, 2021, to close at $112.27 per share on September 1, 2021.
 
The lawsuit alleges throughout the Class Period, Defendants made false and misleading statements, as well as failed to disclose that: (1) safety concerns about Xeljanz extended to Rinvoq and other JAK inhibitors; (2) as a result, it was likely that the FDA would require additional safety warnings for Rinvoq and would delay the approval of additional treatment indications for Rinvoq; and (3) therefore, Defendants’ statements about the Company’s business, operations, and prospects lacked a reasonable basis.
 

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