GSK plc Class Action Lawsuit - GSK
Case Summary
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The GSK class action lawsuit seeks to represent purchasers of GSK plc (NYSE: GSK) American Depositary Receipts (“ADRs”) between February 5, 2020 and August 14, 2022, inclusive (the “Class Period”). Captioned Roofers Local No. 149 Pension Fund v. GSK plc, No. 25-cv-00618 (E.D. Pa.), the GSK class action lawsuit charges GSK and certain of GSK’s top current and former executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the GSK class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com. Lead plaintiff motions for the GSK class action lawsuit must be filed with the court no later than April 7, 2025.
CASE ALLEGATIONS: GSK, together with its subsidiaries, engages in the research, development, and manufacture of vaccines, and specialty and general medicines to prevent and treat disease. According to the complaint, for more than two decades, GSK’s heartburn and acid reflux treatment, Zantac, was used by millions of patients and generated billions of dollars for GSK and its predecessor, Glaxo. The complaint further alleges that in 1982, Glaxo scientist Dr. Richard Tanner found that, under testing conditions promulgated by the World Health Organization, ranitidine (the scientific name for Zantac) interacted with nitrites, a common chemical found in many foods, to create 232,000 nanograms of N-nitrosodimethylamine (“NDMA”), a highly carcinogenic compound.
The GSK class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) GSK was fully aware of the source of NDMA and had been for nearly 40 years before withdrawing Zantac from the market; and (ii) GSK possessed unpublished data that established a link between Zantac and cancer.
The GSK class action lawsuit further alleges that on August 10, 2022, a Deutsche Bank report alerted the market that it seemed “very possible” that GSK and other Zantac distributors “will incur the risk of some degree of shared liability with the only real questions being what the magnitude of liability may be.” According to the complaint, the Deutsche Bank report forecasted that the total liability could be between $5 billion and $10 billion. The GSK class action lawsuit alleges that on this news, the price of GSK ADRs fell more than 10%.
Then, on August 15, 2022, the GSK class action lawsuit further alleges that GSK admitted that it could, in fact, provide guidance and that its liability exposure was between $1 billion and $10 billion. On this news, the price of GSK ADRs fell an additional 3%, according to the complaint.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased GSK ADRs during the Class Period to seek appointment as lead plaintiff in the GSK class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the GSK class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the GSK class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the GSK class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.