SAN DIEGO, July 2, 2015 /PRNewswire/ -- Robbins Geller
Rudman & Dowd LLP ("Robbins Geller")
(http://www.rgrdlaw.com/cases/celladon/) today announced that a
class action has been commenced in the United States District Court
for the Southern District of California on behalf of purchasers of Celladon
Corporation ("Celladon") (NASDAQ:CLDN) publicly traded securities
during the period between July 7,
2014 and June 25, 2015 (the
"Class Period").
If you wish to serve as lead plaintiff, you must move the Court
no later than 60 days from today. 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 or join this class action
online at http://www.rgrdlaw.com/cases/celladon/. 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 Celladon and certain of its officers and
directors with violations of the Securities Exchange Act of
1934. Celladon is a clinical-stage biotechnology company that
is focused on the development of cardiovascular gene therapy and
calcium dysregulation.
The complaint alleges that during the Class Period defendants'
made false and misleading statements and/or failed to disclose
adverse information regarding the Company's prospects for its lead
drug candidate, MYDICAR, for treating enzyme deficiency in heart
failure patients that results in inadequate pumping of the
heart. As a result of these false and misleading statements
or omissions, Celladon securities traded at artificially inflated
prices during the Class Period.
On April 26, 2015, Celladon
announced that the Company's Phase 2b CUPID2 trial of MYDICAR did
not meet its primary and secondary goals. The Company
reported that "the primary endpoint comparison of MYDICAR to
placebo resulted in a hazard ratio of 0.93 (0.53, 1.65 95%CI)
(p=0.81), defined as heart failure-related hospitalizations or
ambulatory treatment for worsening heart failure" and the
"secondary endpoint comparison of MYDICAR to placebo, defined as
all-cause death, need for a mechanical circulatory support device,
or heart transplant, likewise failed to show a significant
treatment effect." As a result of this news, the price of
Celladon stock fell $11.04 per share
to close at $2.64 per share on
April 27, 2015, a decline of 80% on
volume of 32 million shares.
On June 1, 2015, Celladon issued a
press release announcing the abrupt resignation of the Company's
Chief Executive Officer. Then, on June
26, 2015, before the market opened, Celladon announced the
suspension of its plans for further research or development of its
MYDICAR program and other pre-clinical programs, indicating there
was a possibility that the Company could be liquidated with net
cash available to shareholders of $25-$30
million. As a result of this news, the price of
Celladon stock dropped $0.85 per
share to close at $1.35 per share on
June 26, 2015, a one-day decline of
38% on volume of 9 million shares, and a 95% decline from the
stock's Class Period high price.
Plaintiff seeks to recover damages on behalf of all purchasers
of Celladon publicly traded securities 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, with 200 lawyers in ten offices, represents U.S.
and international institutional investors in contingency-based
securities and corporate litigation. The firm has obtained
many of the largest securities class action recoveries in history
and was ranked first in both the amount and number of shareholder
class action recoveries in ISS's SCAS Top 50 report for
2014. Please visit http://www.rgrdlaw.com/cases/celladon/ for
more information.
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SOURCE Robbins Geller Rudman & Dowd LLP