RADNOR, Pa., Jan. 14, 2016 /PRNewswire/ -- The law firm
of Kessler Topaz Meltzer & Check, LLP announces that a
shareholder class action lawsuit has been filed against Esperion
Therapeutics, Inc. (NASDAQ: ESPR) ("Esperion" or the "Company") on
behalf of purchasers of the Company's common stock between
August 18, 2015 and September 28, 2015, inclusive (the
"Class Period").
Esperion shareholders who wish to discuss this action and their
legal options are encouraged to contact Kessler Topaz Meltzer &
Check, LLP (Darren J. Check, Esq.,
D. Seamus Kaskela, Esq. or
Adrienne O. Bell, Esq.) at (888)
299-7706 or at info@ktmc.com.
For additional information about this lawsuit, or to request
information about this action online, please visit
https://www.ktmc.com/new-cases/esperion-therapeutics-inc.
Esperion is a pharmaceutical company that focuses on developing
and commercializing oral low-density lipoprotein cholesterol
("LDL-cholesterol") lowering therapies for patients with
hypercholesterolemia. Esperion's lead product candidate is
ETC-1002, a once-daily small molecule designed to lower
LDL-cholesterol levels. By the beginning of August 2015, Esperion had completed ETC-1002's
Phase 2b clinical trials and was meeting with the FDA to discuss
moving forward with a Phase 3 segment of the approval process.
On August 17, 2015, Esperion
issued a press release providing an "update" on its meeting with
the FDA. Therein, the Company stated that it "remains on track to
initiate the ETC-1002 Phase 3 development program by the end of
2015" and that, "[b]ased on feedback from the FDA, approval of
ETC-1002 in the HeFH and ASCVD patient populations will not require
the completion of a cardiovascular outcomes trial (CVOT)."
The shareholder class action complaint alleges that Esperion and
its Chief Executive Officer made false and/or misleading statements
to investors, and failed to disclose material adverse facts during
the Class Period. Specifically, the complaint alleges that
"what the FDA actually communicated to Defendants, which was
concealed from investors until September 28,
2015, was that there was no clear path to approval for
ETC-1002 and the FDA had encouraged the Company to initiate a CVOT
and that completion of a CVOT could be necessary prior to
approval."
As detailed in the complaint, on September 28, 2015, Esperion issued a press
release "that was inconsistent with what it had earlier stated was
the FDA's position concerning the CVOT. Instead of the message that
the FDA did not seem concerned with a CVOT, which was conveyed in
August," the September press release reported that "[f]or patients
on maximally tolerated statin therapy who require additional LDL-C
lowering, Esperion will plan to conduct efficacy and long-term
safety trials. FDA has encouraged the Company to initiate a
cardiovascular outcomes trial promptly, which would be well
underway at the time of the New Drug Application submission and
review, since any concern regarding the benefit/risk assessment of
ETC-1002 could necessitate a completed cardiovascular outcomes
trial before approval."
Following this news, shares of Esperion's common stock fell
$16.76 per share, or over 47%, to
close on September 29, 2015 at
$18.33 per share, on unusually heavy
trading volume.
If you wish to discuss this action or have any questions
concerning this notice or your rights or interests with respect to
these matters, please contact Kessler Topaz Meltzer & Check
(Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299–7706 or
(610) 667–7706, or via e-mail at info@ktmc.com
Esperion shareholders who purchased their securities during the
Class Period may, no later than March 14, 2016, petition the Court
to be appointed as a lead plaintiff of the class.
A lead plaintiff is a representative party who acts on behalf of
other class members in directing the litigation. Members of
the purported class may petition the Court to be appointed as a
lead plaintiff through Kessler Topaz Meltzer & Check or other
counsel, or may choose to do nothing and remain an absent class
member. In order to be appointed as a lead plaintiff, the
Court must determine that the class member's claim is typical of
the claims of other class members, and that the class member will
adequately represent the class in the action. Your ability to
share in any recovery is not affected by the decision of whether or
not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in
state and federal courts throughout the country. Kessler Topaz
Meltzer & Check is a driving force behind corporate governance
reform, and has recovered billions of dollars on behalf of
institutional and individual investors from the United States and around the
world. The firm represents investors, consumers and
whistleblowers (private citizens who report fraudulent practices
against the government and share in the recovery of government
dollars). The complaint in this action was not filed by
Kessler Topaz Meltzer & Check. For more information about
Kessler Topaz Meltzer & Check, or for additional information
about participating in this action, please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888) 299-7706
(610) 667-7706
info@ktmc.com
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SOURCE Kessler Topaz Meltzer & Check, LLP