Sanofi (SAN) agreed to pay $40 million to settle a lawsuit by investors who alleged they were misled about the likelihood that the company’s Zimulti weight-loss drug would win regulatory approval. The money will go to investors who bought the French drugmaker’s American depositary receipts from Feb. 24, 2006, to June 13, 2007, according to the settlement agreement filed today in federal court in Manhattan. Sanofi didn’t admit any wrongdoing as part of the settlement. Sanofi, based in Paris, was accused in the November 2007 complaint of violating U.S. securities laws by failing to disclose data about Zimulti’s link to suicidal behavior.
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