Robbins Arroyo LLP: Esperion Therapeutics, Inc. (ESPR) Misled Shareholders According to a Recently Filed Class Action
January 15 2016 - 2:27PM
Business Wire
Shareholder rights law firm Robbins Arroyo LLP announces that a
class action complaint was filed in the U.S. District Court for the
Eastern District of Michigan. The complaint alleges that officers
and directors of Esperion Therapeutics, Inc. (NASDAQGM: ESPR)
violated the Securities Exchange Act of 1934 between August 18,
2015 and September 28, 2015, by making materially false and
misleading statements about Esperion's business prospects.
Esperion, a biopharmaceutical company, focuses on the research,
development, and commercialization of oral and low-density
lipoprotein cholesterol-lowering therapies for the treatment of
patients with hypercholesterolemia and other cardiometabolic risk
markers. Its lead product candidate is ETC-1002, a once-daily small
molecule designed to lower LDL-cholesterol levels.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/esperion-therapeutics-inc
Esperion Accused of Lying to Investors About Its Meeting with
the FDA
According to the complaint, by early August 2015, Esperion
completed ETC-1002's Phase 2b clinical trials and was meeting with
the U.S. Food and Drug Administration to discuss moving forward
with the Phase 3 segment of the approval process. Up to that point,
Esperion never mentioned to investors that it would need to conduct
a lengthy and expensive cardiovascular outcomes trial ("CVOT")
prior to ETC-1002 being approved. On August 17, 2015, Esperion
relayed to investors material events from its meeting with the FDA,
and stated that the FDA informed the company that it would not have
to complete a CVOT to gain approval of ETC-1002. Esperion further
stated that the company was pleased with the outcome of the meeting
and that it had a "clear regulatory path forward for development
and approval of ETC-1002."
On September 28, 2015, Esperion reversed course about the FDA
meeting, stating that the FDA had actually encouraged the company
to initiate a CVOT and it may be necessary to have a completed CVOT
prior to approval. Thus, the complaint alleges, Esperion officials'
prior statements about the meeting were false because they were
aware that the FDA had actually encouraged the company to initiate
a CVOT prior to their contradictory announcement to investors. On
this news, Esperion stock fell by $16.76 per share, or nearly 50%,
to close at $18.33 per share on September 29, 2015.
Esperion Shareholders Have Legal Options
Concerned shareholders who would like more information about
their rights and potential remedies can contact attorney Darnell R.
Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the
shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
shareholder rights law. The firm represents individual and
institutional investors in shareholder derivative and securities
class action lawsuits, and has helped its clients realize more than
$1 billion of value for themselves and the companies in which they
have invested.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: http://www.businesswire.com/news/home/20160115005828/en/
Robbins Arroyo LLPDarnell R. Donahue(619) 525-3990 or Toll Free
(800) 350-6003DDonahue@robbinsarroyo.comwww.robbinsarroyo.com
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