SAN DIEGO, Sept. 23, 2016 /PRNewswire/ -- Shareholder rights
law firm Johnson & Weaver, LLP's investigation into whether
certain officers and directors of Carbylan Therapeutics, Inc.
(NASDAQ: CBYL) violated federal securities laws continues. Carbylan
is a specialty pharmaceutical company, focusing on the development
and commercialization of novel and proprietary combination
therapies.
On April 9, 2015, Carbylan's
stock traded as high as $6.58, the
same day the Company sold 13 million shares of stock in its initial
public stock offering (the "IPO"), raising $65.0 million in new capital. However,
since the IPO, Carbylan's stock has tumbled, falling from its high
of $9.22 on June 8, 2015 to close at $0.49 on September 22,
2016.
On February 1, 2016 Carbylan stock
plunged nearly 50 percent after the company disclosed top-line
results from a Phase 3 trial, COR1.1. Then, in April 2016, Carbylan announced that it was
suspending further clinical development of its pain relief product,
Hydros–TA, and it is actively pursuing a merger or acquisition of
the company. In concurrence, Carbylan also announced an immediate
reduction in its workforce of 14 of its current 17 employees to
preserve capital. Specifically, Johnson & Weaver's
investigation seeks to determine whether certain statements
regarding the Company's business metrics and financial prospects
were not as strong as represented in the Registration
Statement.
If you are a Carbylan shareholder and are interested in
learning more about the investigation or your legal rights and
remedies, please contact Jim Baker
(jimb@johnsonandweaver.com) at 619-814-4471. If you email, please
include your phone number.
Johnson & Weaver, LLP is a nationally recognized shareholder
rights law firm with offices in California, New
York and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
http://www.johnsonandweaver.com. Attorney advertising. Past results
do not guarantee future outcomes.
Contact:
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
jimb@johnsonandweaver.com
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SOURCE Johnson & Weaver, LLP