SEATTLE, Aug. 3, 2009 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro is investigating reports of possible securities law violations by Genzyme Corporation (Nasdaq:GENZ), a biotechnology company, following reports that the company may have delayed news concerning manufacturing problems and plant inspections by the Food and Drug Administration (FDA).
Published reports claim Genzyme did not share operational problems the company experienced in two of its plants, creating a shortage of its drug Myozyme and delaying approval of other products. Most of the company's medicines treat rare hereditary disorders caused by a lack of enzymes required for critical bodily functions.
In the fall of 2008, the FDA raised concerns over the company's Allston, Mass. plant. It wasn't until March 2, after receiving a second notice from the FDA did Genzyme disclose the FDA's concerns, published reports state.
When news of the FDA concerns hit the wires, Genzyme stock fell more than seven percent. Share prices have since fallen more than 35 percent from $83.25 per share to below $53 per share, costing investors more than $8 billion, published reports state.
If you are aware of any facts relating to this investigation, or purchased shares of Genzyme since June 26, 2008, you can assist this investigation by contacting one of our attorneys at genzyme@hbsslaw.com or joining this investigation through the firm's Web site at www.hbsslaw.com/genzyme.
Hagens Berman Sobol Shapiro, a law firm with offices in Seattle, San Francisco, Los Angeles, Boston, Chicago and Phoenix is active in major litigation pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Hagens Berman Web site (www.hbsslaw.com) has more information about the firm.