Biotech
Tuesday, November 7th, 2023 3:04 pm EDT
Key Points
- French prosecutors have launched a preliminary investigation into multinational pharmaceutical company Sanofi, examining potential market manipulation related to the dissemination of false or misleading information and price manipulation in the company’s past financial communications.
- Sanofi responded by stating that it was not aware of any preliminary investigation concerning its 2017 accounts or other matters by the Parquet National Financier. The company asserted the accuracy, precision, and sincerity of its published financial information, emphasizing that it is audited by two auditing firms. Sanofi also indicated its intention to take legal action against any false or defamatory allegations.
- Following a reduction in its forecasts for 2024/5, Sanofi experienced a significant decline in its share price, with shares down 6.8% for the year, marking a challenging period for the pharmaceutical giant.
French prosecutors have initiated a preliminary investigation into pharmaceutical company Sanofi over potential market manipulation. The Parquet National Financier, the French financial prosecutor, began the probe in March 2023, focusing on alleged “dissemination of false or misleading information and price manipulation” in connection with Sanofi’s past financial communications. Sanofi, in response, has stated that it is not aware of any such investigation regarding its 2017 accounts and stands by the accuracy of its financial information, which is subject to audits by two auditing firms. The company has also reserved the right to pursue legal action against any false or defamatory allegations. Sanofi recently revised its 2024/5 forecasts, resulting in a significant drop in its share price.
For the full original article, please click here: https://www.cnbc.com/2023/11/07/french-prosecutors-probing-sanofi-over-possible-market-manipulation.html
