Gainey McKenna & Egleston Announces a Class Action Lawsuit Has Been Filed Against Esperion Therapeutics, Inc. (ESPR)
January 12 2016 - 8:00PM
Gainey McKenna & Egleston announces that a class action lawsuit
has been filed against Esperion Therapeutics, Inc. (“Esperion” or
the “Company”) (Nasdaq:ESPR) in the United District Court for the
Eastern District of Michigan on behalf of a class consisting of all
persons or entities who purchased securities between August 18,
2015 and September 28, 2015, inclusive (the “Class Period”).
This class action seeks to recover damages against Defendants for
alleged violations of the federal securities laws under the
Securities Exchange Act of 1934 (the “Exchange Act”).
The Complaint alleges that Defendants issued
false and misleading statements regarding the Company’s business
and prospects, including that there was no clear path to approval
for ETC-1002, and that the FDA had encouraged the Company to
initiate a cardiovascular outcomes trial (“CVOT”) and that
completion of a CVOT could be necessary prior to approval of
ETC-1002. As a result of these false statements and/or
omissions, the Company’s stock traded at artificially inflated
prices during the Class Period, reaching as high as $82 per share
in intra-day trading.
On August 17, 2015, the Company reported
material events from an early August 2015 meeting with the FDA
regarding the next phase of the approval process for
ETC-1002. The Company stated that during the meeting it was
informed by the FDA that the Company would not have to complete a
CVOT to gain approval of ETC-1002. The Company also informed
investors that it had a “‘clear regulatory path forward for
development and approval of ETC-1002.’"
On September 28, 2015, the Complaint alleges
that Esperion reversed course about the early August 2015 FDA
meeting – stating in a September 28, 2015 news release that the FDA
had actually “encouraged the Company to initiate a cardiovascular
outcomes trial promptly” and it may be necessary to have a
completed CVOT prior to approval. When the market closed on
September 28, 2015, the Company stock was trading at $35.09 per
share. After the market closed, the Company revealed the
truth and the next day the Company’s stock opened at $26.00 per
share. By the time the market digested the truth on September
29, 2015, the price of Esperion stock had fallen almost 50% from
its previous close to $18.33 per share on unusually high
volume.
If you wish to serve as lead plaintiff, you must
move the Court no later than March 14, 2016.
A lead plaintiff is a representative party acting on behalf of
other class members in directing the litigation. If you wish
to join the litigation, or to discuss your rights or interests
regarding this class action, please contact Thomas J. McKenna, Esq.
or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at
(212) 983-1300, or via e-mail at tjmckenna@gme-law.com or
gegleston@gme-law.com.
Please visit our website at
http://www.gme-law.com for more information about the firm.
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