Law firm, Izard Nobel has filed a lawsuit seeking class action status in the US District Court for the District of Massachusetts. The case has been filed on behalf of those who purchased the common stock of Genzyme between June 26, 2008 and July 21, 2009, inclusive.
The complaint charges that defendants violated federal securities laws. Specifically, it alleges that defendants concealed deficiencies at two of its manufacturing facilities, which caused a shortage in a drug called Myozyme and delayed approval of a new formulation of that product (Lumizyme).
Consequently, the manufacturing problems have forced Genzyme to halt production of two selling products (Cerezyme and Fabrazyme), due to contamination at one of the manufacturing facilities.