Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Eastern District of Pennsylvania on behalf of shareholders of GSK plc who purchased shares between February 5, 2020 and August 14, 2022.
GSK and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 10, 2022, a Deutsche Bank report highlighted that it was “very possible” that the Company 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.” Despite the Company’s statements to investors that scientific research did not support a correlation between Zantac and cancer, the Deutsche Bank report forecasted that total liability could be between $5 billion and $10 billion. On this news, the price of GSK’s ADRs fell $4.30 per ADR, or more than 10%. Then, on August 15, 2022, the Company disclosed that its liability exposure was between $1 billion and $10 billion. As a result of these disclosures, the price of GSK ADRs declined precipitously. On this news, the price of GSK’s ADRs fell an additional $1.08 per ADR, or 3%.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until April 7, 2025 to request that the court appoint them lead plaintiff.