May 3, 2013 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of Gilead Sciences, Inc. (NASDAQ:GILD), was announced concerning whether certain Gilead Sciences officers and directors possibly breached their fiduciary duties in connection with certain statements.

The investigation by a law firm concerns whether certain Gilead Sciences officers and directors breached their fiduciary duties and caused damage to the company and its shareholders by, among other things, failing to implement adequate internal controls.

Gilead Sciences, Inc. reported that its annual Total Revenue increased from over $8.38 billion in 2011 to over $9.39 billion in 2012. However, its respective Net Income declined from over $2.8 billion in 2011 to $2.59 billion in 2012.

On Apr. 29, 2013, Gilead Sciences, Inc. announced that the company has received Complete Response Letters from the U.S. Food and Drug Administration (FDA) for its New Drug Applications (NDAs) for elvitegravir and cobicistat for use as part of HIV treatment regimens.

In its communications, FDA states that it cannot approve the applications in their current forms. Gilead Sciences, Inc. said that the letters state that during recent inspections, deficiencies in documentation and validation of certain quality testing procedures and methods were observed.

Shares of Gilead Sciences, Inc. (NASDAQ:GILD) closed on May 3, 2013, at $55.15 per share.