French prosecutors investigating Sanofi over possible market manipulation

French prosecutors have opened a preliminary investigation into multinational pharmaceutical company Sanofi over possible market manipulation.

A judicial source confirmed to CNBC on Tuesday that the Parquet National Financier, the French financial prosecutor, opened a preliminary probe in March 2023 into counts of “dissemination of false or misleading information and price manipulation,” relating to the company’s past financial communications.

“Sanofi is not aware of any preliminary investigation on its 2017 accounts or other matter by the Parquet National Financier. We stand by the accuracy of our accounts,” Sanofi said in an emailed statement.

“As a listed company, the financial information published by Sanofi is accurate, precise and sincere, and is duly audited by two auditing firms. Sanofi reserves the right to take legal action against any false or defamatory allegations.”

The pharmaceutical giant late last month reduced its forecasts for 2024/5 and saw its share price fall sharply, now down 6.8% on the year.

— CNBC’s Charlotte Reed contributed to this report.