AbbVie Tries To Ax Investor Suit Over $100M Stock Drop
Law360 (November 28, 2018, 7:14 PM EST) -- AbbVie Inc. urged an Illinois federal judge on Tuesday to toss a proposed class action over a corrective disclosure released after a stock buyback effort that shareholders said cost them $100 million, arguing that the investors failed to make any adequate fraud or negligence claims.
The pharmaceutical company said the investors’ allegations that the company and its chief financial officer purposely waited until after the market closed to announce that it had repurchased common stock in a Dutch tender offer for $2 dollars less per share than the price relayed earlier that day lacked specificity and relied on “unsupported speculation” rather...
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