Kaskela Law LLC Files Shareholder Class Action Lawsuit Against Recro Pharma, Inc.
June 01 2018 - 3:17PM
Business Wire
Kaskela Law LLC has filed a shareholder class action lawsuit
against Recro Pharma, Inc. (NASDAQ: REPH) (“Recro” or the
“Company”) on behalf of investors who purchased or acquired the
Company’s securities between July 31, 2017 and May 23, 2018,
inclusive (the “Class Period”).
IMPORTANT DEADLINE: Investors who purchased or acquired
Recro securities during the Class Period may, no later than July 30, 2018, seek to be
appointed as a lead plaintiff representative of the investor
class.
Recro investors are encouraged to contact Kaskela Law LLC (D.
Seamus Kaskela, Esq.) at (484) 258 – 1585 or (888) 715 – 1740 to
discuss their legal rights and options with respect to this action
and/or to obtain a copy of the shareholder class action complaint.
Additional information about this action may also be found at
www.kaskelalaw.com/case/recro.
Recro is a specialty pharmaceutical company that develops
non-opioid therapeutics for the treatment of pain in the
post-operative setting. The Company’s lead product is a proprietary
injectable form of meloxicam, a long acting preferential COX-2
inhibitor (“IV meloxicam”) to be used for the management of
moderate to severe pain.
On May 24, 2018, Recro announced that the FDA had declined to
approve Recro’s New Drug Application for IV meloxicam. In its
Complete Response Letter, the FDA stated that the drug’s analgesic
effects did not meet FDA expectations and raised questions related
to chemistry, manufacturing and controls data.
Following this news, shares of Recro’s common stock fell $6.79
per share, or over 54%, to close on May 24, 2018 at $5.63.
The shareholder class action complaint alleges that Recro and
certain of its senior executive officers made false and misleading
statements and/or failed to disclose to investors that IV Meloxicam
lacked supporting clinical data to show sufficient clinical
benefits to receive FDA approval. The complaint further alleges
that, as a result of the foregoing, investors purchased Recro’s
securities at artificially inflated prices during the Class Period
and sustained investment losses following the Company’s May 24,
2018 disclosures.
Kaskela Law LLC exclusively prosecutes shareholder actions in
state and federal courts throughout the country on behalf of
investors. For additional information about Kaskela Law LLC please
visit www.kaskelalaw.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20180601005806/en/
KASKELA LAW LLCD. Seamus Kaskela, Esq.201 King of Prussia
RoadSuite 650Radnor, PA
19087484-258–1585888-715–1740www.kaskelalaw.com
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