SAN DIEGO, Nov. 22, 2016 /PRNewswire/ -- Robbins Geller
Rudman & Dowd LLP ("Robbins Geller")
(http://www.rgrdlaw.com/cases/cempra/) today announced that a class
action has been commenced on behalf of purchasers of Cempra, Inc.
("Cempra") (NASDAQ:CEMP) common stock during the period between
October 22, 2015 and November 1, 2016 (the "Class Period"). This
action was filed in the Middle District of North Carolina and is captioned Pasqual v.
Cempra, Inc., et al., No. 16-cv-1356.
If you wish to serve as lead plaintiff, you must move the Court
no later than 60 days from November
4, 2016. If you wish to discuss this action or have
any questions concerning this notice or your rights or interests,
please contact plaintiff's counsel, Darren Robbins of Robbins
Geller at 800/449-4900 or 619/231-1058, or via e-mail at
djr@rgrdlaw.com. If you are a member of this class, you can
view a copy of the complaint as filed at
http://www.rgrdlaw.com/cases/cempra/. Any member of the
putative class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and
remain an absent class member.
The complaint charges Cempra and certain of its officers and
directors with violations of the Securities Exchange Act of
1934. Cempra is a clinical-stage biopharmaceutical company
that develops antibiotics for the treatment of infectious
diseases. Cempra's lead product, solithromycin, is being
developed in oral capsule, intravenous and suspension formulations
for the treatment of community-acquired bacterial pneumonia
("CABP"), as well as for other indications.
The complaint alleges that throughout the Class Period,
defendants violated the federal securities laws by disseminating
false and misleading statements to the investing public.
Specifically, defendants misleadingly informed investors that
solithromycin was not associated with liver toxicity and
drug-induced liver injury. As a result of defendants' false
and misleading statements, Cempra stock traded at artificially
inflated prices during the Class Period, reaching a high of
$32.81 per share on November 25, 2015.
Then, on November 2, 2016, the
U.S. Food and Drug Administration released a report analyzing
Cempra's clinical development program of solithromycin to treat
CABP, which highlighted a significant safety signal for
hepatotoxicity and drug-induced liver injury. As a result of
this news, the price of Cempra stock dropped $11.35 per share to close at $7.30 per share on November 2, 2016, a one-day decline of nearly 61%
on volume of 20.7 million shares.
Plaintiff seeks to recover damages on behalf of all purchasers
of Cempra common stock during the Class Period (the "Class").
The plaintiff is represented by Robbins Geller, which has extensive
experience in prosecuting investor class actions including actions
involving financial fraud.
Robbins Geller is widely recognized as one of the leading law
firms advising U.S. and international institutional investors in
securities litigation and portfolio monitoring. With 200
lawyers in 10 offices, Robbins Geller has obtained many of the
largest securities class action recoveries in history and was
ranked first in both total amount recovered for investors and
number of securities class action recoveries in ISS's SCAS Top 50
Report for the last two years. Robbins Geller attorneys have
shaped the law in the areas of securities litigation and
shareholder rights and have recovered tens of billions of dollars
on behalf of the Firm's clients. Robbins Geller not only
secures recoveries for defrauded investors, it also strives to
implement corporate governance reforms, helping to improve the
financial markets for investors worldwide. Please visit
rgrdlaw.com/cases/cempra/ for more information.
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SOURCE Robbins Geller Rudman & Dowd LLP