Cases

Genzyme Corporation Securities Fraud Class Action

Gardy & Notis, LLP has filed a class action lawsuit on behalf of purchasers of Genzyme Corporation (NASDAQ: GENZ) common stock during a class period of June 26, 2008 and July 21, 2009.

The complaint charges Genzyme and its President and CEO with violating the federal securities laws by issuing a series of materially false and misleading statements designed to conceal known deficiencies at two of Genzyme's manufacturing facilities, which caused a shortage in one of its top-selling products (a drug called Myozyme) and delayed approval of a new formulation of that product (a drug known as Lumizyme). The manufacturing problems also forced Genzyme to halt production of two other top-selling products (drugs called Cerezyme and Fabrazyme) due to contamination at one of the manufacturing facilities.

On July 22, 2009, Genzyme slashed its earnings and revenue forecasts for 2009, including its revenue projections for Myozyme, Cerezyme and Fabrazyme, due to the impact of the facility shutdown. During the class period, Genzyme's stock has fallen over 35%, resulting in a loss of over $8 billion to investors.

For more information regarding the lawsuit or to obtain a copy of the complaint or any Court filings, please contact us.