NEW YORK, Feb. 25, 2025 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against GSK plc (“GSK” or the “Company”) (NYSE: GSK). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether GSK and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until April 7, 2025 to ask the Court to appoint you as Lead Plaintiff for the class if you purchased or otherwise acquired GSK securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
In September and October 2019, GSK suspended its distribution of Zantac (the brand name for the drug ranitidine) and issued a voluntary recall after studies demonstrated that, by interacting with nitrites, ranitidine could create a highly carcinogenic compound called N-nitrosodimethylamine.
On August 10, 2022, Deutsche Bank analysts published a note stating that it seemed “very possible” that GSK and other distributors of Zantac “will incur the risk of some degree of shared liability, with the only real requestions being what the magnitude of liability may be.” The Deutsche Bank note forecasted that total liability could be between $5 billion and $10 billion.
Following publication of the Deutsche Bank note, GSK’s American depositary receipt (“ADR”) price fell $4.30 per ADR, or 10.74%, over the following two trading sessions, to close at $35.73 per ADR on August 11, 2022.
Then, on August 15, 2022, GSK admitted that its Zantac liability exposure was between $1 billion and $10 billion.
On this news, GSK’s ADR price fell $1.08 per ADR, or 3%, to close at $34.95 per ADR on August 15, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
SOURCE Pomerantz LLP