Genzyme Securities Fraud Class Action Lawsuit Complaint Over Sanofi-Aventis SA Tender Offer

Genzyme Corp. GENZ Shareholders File Securities Fraud Class Action Lawsuit Complaint Against Genzyme Over Sanofi-Aventis SA Tender Offer.

A securities fraud class action lawsuit has been filed against biotechnology company Genzyme Corp. (“Genzyme”), certain of Genzyme’s officers and members of Genzyme’s Board of Directors (collectively “Defendants”) in the United States District Court for the District of Massachusetts on behalf of a class consisting of shareholders of Genzyme common stock (symbol: GENZ), alleging that defendants violated section 14(e) of the Securities & Exchange Act of 1934 and breached fiduciary duties in connection with an October 4, 2010 tender offer (the “tender offer”) by Sanofi-Aventis SA to purchase outstanding shares of Genzyme, according to securities class action lawsuit news reports.

The Genzyme securities fraud class action lawsuit complaint reportedly alleges, among other things, that Genzyme issued a false and misleading Solicitation / Recomendation Statement on its Schedule 14D-9 by failing to provide an explanation of why Genzyme’s board allegedly refused to negotiate with Sanofi-Aventis and allow Sanofi to perform a due diligence review.

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