Rosen Law Firm, a global investor rights law firm, announces that a shareholder filed a class action on behalf of purchasers of American Depositary Receipts (“ADRs”) of GSK plc (NYSE: GSK) between February 5, 2020 and August 14, 2022, both dates inclusive (the “Class Period”).

For more information, submit a form, email attorney Phillip Kim, or give us a call at 866-767-3653.

The Allegations: Rosen Law Firm is Investigating the Allegations that GSK plc (NYSE: GSK) Misled Investors Regarding its Business Operations.

According to the lawsuit, GSK is a global pharmaceutical company that develops, manufactures, and markets vaccines and medicines worldwide. In the 1980s, a predecessor company to GSK launched a treatment for heartburn and acid reflux: ranitidine, under the brand name Zantac. Over the next four decades, Zantac was used by millions of patients and generated billions of dollars for GSK. In 2019, independent laboratory Valisure found NDMA, a cancer-causing poison, in “every batch of every [Zantac] medication” that it tested. Valisure reported these results to the U.S. Food and Drug Administration (“FDA”) and to the public. In September and October 2019, GSK suspended its distribution of Zantac and initiated a voluntary recall. In April 2020, the FDA requested that manufacturers cease selling Zantac and any generic alternatives. Tens of thousands of cancer-stricken patients filed personal injury and product liability lawsuits against GSK in the years that followed. Many of these were unified into a multidistrict litigation proceeding.

The complaint alleges that, throughout the Class Period, Defendants represented to investors that GSK removed Zantac from the market “[b]ased on information available at the time and correspondence with regulators,” and that GSK was “continuing with investigations into the potential source of NDMA.” Defendants also assured investors that “GSK, the FDA, and the EMA [European Medicines Agency] have all independently concluded that there is no evidence of a causal association between ranitidine therapy and the development of cancer in patients,” findings that were “consistent with other ranitidine data published prior to 2019.” Finally, Defendants claimed that they could not “quantify or reliably estimate the liability” GSK could face from Zantac-related legal proceedings.

These representations were materially false or misleading. In truth, GSK was fully aware of the source of NDMA and had been for nearly 40 years before withdrawing Zantac from the market. Furthermore, Defendants’ representations about their ability to “quantify or reliably estimate the liability” deceived investors, who did not know that GSK had for decades concealed an internal study that implicated the Company’s liability to Zantac users. When the true details entered the market, the lawsuit claims that investors suffered damages.

What Now: You may be eligible to participate in the class action against GSK. ADR investors who want to serve as lead plaintiff for the class must file their motions with the court by April 7, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

About Rosen Law Firm: Some law firms issuing releases about this matter do not actually litigate securities class actions. Rosen Law Firm does. Rosen Law Firm is a recognized leader in shareholder rights litigation, dedicated to helping shareholders recover losses, improving corporate governance structures, and holding company executives accountable for their wrongdoing. Since its inception, Rosen Law Firm has obtained over $1 billion for shareholders.

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