Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In GSK To Contact Him Directly To Discuss Their Options
If you purchased or acquired securities in GSK between February 5, 2020 and August 14, 2022 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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NEW YORK, April 02, 2025 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against GSK plc (“GSK” or the “Company”) (NYSE: GSK) and reminds investors of the April 7, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, 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 and caused GSK ADRs to trade at artificially inflated prices during the Class Period. 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.
The truth began to emerge on August 10, 2022, when a Deutsche Bank report alerted the market that it seemed “very possible” that GSK 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.” While GSK had repeatedly told 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. Then, on August 15, 2022, GSK admitted that it could, in fact, provide guidance and that its liability exposure was between $1 billion and $10 billion. As a result of these disclosures, the price of GSK ADRs declined precipitously.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding GSK’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the GSK plc class action, go to www.faruqilaw.com/GSK or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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