NEW YORK, Feb. 19, 2021 (GLOBE NEWSWIRE) -- Pawar Law Group announces that a class action lawsuit has been filed on behalf of shareholders who purchased shares of AstraZeneca PLC (NASDAQ: AZN) from May 21, 2020 through November 20, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages for AstraZeneca PLC investors under the federal securities laws.
According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that: initial clinical trials for AZD1222, the Company’s coronavirus vaccine hopeful, had suffered from a critical manufacturing error, resulting in a substantial number of trial participants receiving half the designed dosage; clinical trials for AZD1222 consisted of a patchwork of disparate patient subgroups, each with subtly different treatments, undermining the validity and import of the conclusions that could be drawn from the clinical data across these disparate patient populations; certain clinical trial participants for AZD1222 had not received a second dose at the designated time points, but rather received the second dose up to several weeks after the dose had been scheduled to be delivered according to the original trial design; AstraZeneca had failed to include a substantial number of patients over 55 years of age in its clinical trials for AZD1222, despite this patient population being particularly vulnerable to the effects of COVID-19 and thus a high priority target market for the drug; AstraZeneca’s clinical trials for AZD1222 had been hamstrung by widespread flaws in design, errors in execution, and a failure to properly coordinate and communicate with regulatory authorities and the general public; as a result of the foregoing, the clinical trials for AZD1222 had not been conducted in accordance with industry best practices and acceptable standards and the data and conclusions that could be derived from the clinical trials was of limited utility; and as a result of the foregoing, AZD1222 was unlikely to be approved for commercial use in the United States in the short term, one of the largest potential markets for the drug.
If you wish to serve as lead plaintiff, you must move the Court no later than March 29, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
No class has been certified. Until a class is certified, you are not represented by counsel unless you hire one. You may hire counsel of your choice. You may also do nothing at this time and be an absent member of the class. Your ability to share in any future recovery is not dependent upon being a lead plaintiff.
Pawar Law Group represents investors from around the world. Attorney advertising. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Vik Pawar, Esq.
Pawar Law Group
20 Vesey Street, Suite 1410
New York, NY 10007
Tel: (917) 261-2277
Fax: (212) 571-0938