French prosecutors have launched a preliminary investigation into multinational pharmaceutical company Sanofi over potential market manipulation. The Parquet National Financier, the French financial prosecutor, opened the probe in March 2023, focusing on allegations of “dissemination of false or misleading information and price manipulation” related to Sanofi’s past financial communications. Sanofi has responded by stating that it is unaware of any investigation into its 2017 accounts and stands by the accuracy of its financial information. The company asserts that its published financial information is precise, sincere, and subjected to thorough audits by two auditing firms. Sanofi also reserves the right to take legal action against false or defamatory allegations.
The investigation comes after the pharmaceutical giant recently revised its forecasts for 2024/5, leading to a significant drop in its share price, which is now down 6.8% for the year. CNBC’s Charlotte Reed contributed to this report.
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