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id: 969

Harmony (HRMY) Alleged Multi-faceted Fraud Case

  • In March, report was published alleging multiple violations related to one of Harmony’s drugs.
  • On it, $HRMY fell 25.8%, losing $626M+ of shareholder value.
  • Investors may have grounds to suspect Harmony of fraudulent practices.
On March 28, 2023, Scorpion Capital published a report alleging, among other things, that Harmony’s narcolepsy drug, Wakix, has “alarming toxicity,” “no efficacy,” is based on “sham patents,” and “scam clinical trials,” and has been “pushed via false advertising and a vast off-label and physician kickback scheme”.

On this news, $HRMY fell 25.8% and lost over $626 million of its market capitalization, seriously damaging shareholders.

Considering all the information, investors might have grounds to suspect that Harmony and its executives failed to timely disclose and eliminate fraudulent practices, which consequently led to their losses.

The case is already under investigation by at least one of the reputable law firms.
Case Status
Attorney Investigation
Alleged Offence
Misleading Statements
Failure to Disclose
Suspected Party
Security Type
Trade Direction
Shock Event Date
28 March 2023
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