Company Website:
http://www.zamansky.com
NEW YORK -- (Business Wire)
Zamansky LLC announces that it has commenced an investigation of
Sanofi’s (NYSE:SNY) U. S. Group Savings Plan (the “Plan”) for possible
violations of the federal Employee Retirement Income Security Act
(“ERISA”). ERISA imposes fiduciary duties to prudently manage and invest
plan assets. These duties were potentially violated by Sanofi’s
continued offering of its company stock while it allegedly knew that it
was violating federal “anti kickback” laws.
On December 4, 2014 Bloomberg reported that a whistleblower
lawsuit was filed against Sanofi by a former paralegal, Diane Ponte. Ms.
Ponte alleged that Sanofi’s senior officers and executives including its
former CEO Christophe Viehbacher, carried out an illegal “kickback”
scheme to get the company’s diabetes drugs prescribed and sold. She also
alleged that she was fired in retaliation for raising questions about
the legality of the scheme. These allegations come after Sanofi paid
$109 million two years ago to settle illegal “kickbacks” claims with the
U.S. Justice Department that it gave doctors free samples of arthritis
medicine to encourage prescriptions.
Sanofi’s Board knew of the allegations for some time, and disclosed that
in October 2014, it had commenced an investigation. On October 29, 2014,
the Board dismissed CEO Viehbacher. As a result, Sanofi’s stock fell
from $56 per share to below $45 per share, and the company was the
subject of shareholder lawsuits under the federal securities laws.
According to employee stock fraud attorney, Jake Zamansky, Sanofi’s
employees who purchased and held company stock through the Plan since at
least December 19, 2012, have suffered losses to their retirement
savings. Sanofi’s dismissal of its CEO and the whistleblower allegations
raise serious issues over the prudent monitoring and oversight of the
Plan under ERISA for artificial inflation of the stock price, he states.
What Sanofi Employees or Former Employees Can Do
If you are an existing or former Sanofi employee who purchased company
stock (SNY), through Sanofi’s U.S. Group Savings Plan, please contact
our firm for an evaluation of your rights. You can contact Jake Zamansky
by telephone at (212) 742-1414 or by email at jake@zamansky.com.
About Zamansky LLC
Zamansky LLC is a leading stock law firm specializing in securities
fraud, ERISA and employment class actions. We are investment fraud
attorneys who represent both individual and institutional investors. Our
practice is nationally recognized for our ability to aggressively
prosecute cases and recover investment losses.
To learn more about Zamansky LLC, please visit our website, http://www.zamansky.com.
Contacts:
Zamansky LLC
Jake Zamansky, 212-742-1414
jake(at)zamansky(dot)com
Source: Zamansky LLC
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