Stockholders v Genzyme Corporation
Stockholders File Lawsuit Against Genzyme Corporation
The Complaint charges that defendants violated federal securities laws. Specifically, the complaint alleges that defendants concealed deficiencies at two of its manufacturing facilities, which caused a shortage in one of its top-selling products (a drug called Myozyme) and delayed approval of a new formulation of that product (a drug known as Lumizyme). The manufacturing problems also forced Genzyme to halt production of two other top-selling products (drugs called Cerezyme and Fabrazyme) due to contamination at one of the manufacturing facilities.
On July 22, 2009, Genzyme slashed its earnings and revenue forecasts for 2009, including its revenue projections for Myozyme, Cerezyme and Fabrazyme, due to the impact of the facility shutdown. During the class period, Genzyme's stock has fallen over 35%, resulting in a loss of over $8 billion to investors.
If you bought Genzyme Corporation securities and would like to obtain information about the Genzyme Corporation lawsuit, then you are invited to call Kahn Swick Foti, LLC toll free at (866) 467-1400 to speak with an attorney or visit www.ksfcounsel.com.
