INVESTOR ALERT: Glancy Binkow & Goldberg LLP Reminds Investors of the Lead Plaintiff Deadline in the Class Action Lawsuit Aga...
December 11 2014 - 1:42PM
Business Wire
Glancy Binkow & Goldberg LLP reminds investors of Aeterna
Zentaris Inc. (“Aeterna” or the “Company”) (NASDAQ:AEZS) that
purchasers of Aeterna securities between October 18, 2012 and
November 5, 2014, inclusive (the “Class Period”), have until
January 12, 2015, to file a motion to be appointed as lead
plaintiff in the shareholder lawsuit filed in the United States
District Court for the District of New Jersey.
Aeterna is a specialty biopharmaceutical company engaged in the
development and commercialization of novel treatments in oncology
and endocrinology. The Company is developing macimorelin − an
orally active small molecule that stimulates the secretion of
growth hormone − as a treatment for Adult Growth Hormone
Deficiency. The Complaint alleges that defendants made false and/or
misleading statements and failed to disclose material adverse facts
about the Company’s business, operations and prospects.
Specifically, defendants misrepresented or failed to disclose that:
(1) the planned analysis of macimorelin’s pivotal clinical trial
failed to meet its primary efficacy endpoint pursuant to the
Special Protocol Assessment agreement letter between the Company
and the FDA; (2) insufficient data existed to confirm that the
patients in the clinical trial were accurately diagnosed with Adult
Growth Hormone Deficiency; (3) a serious cardiac event could have
been attributed to macimorelin; (4) as a result, the FDA would not
approve the New Drug Application for macimorelin in its present
form; and (5), the Company’s statements about its business,
operations and prospects, including statements about macimorelin’s
prospects for FDA approval, were materially false and misleading
and/or lacked a reasonable basis.
On November 6, 2014, the Company revealed that the FDA
determined that the New Drug Application for macimorelin could not
be approved in its present form. The FDA concluded that the planned
analysis of the Company’s pivotal trial did not meet its stated
primary efficacy objective, and “in light of the failed primary
analysis and data deficiencies noted, the clinical trial does not
by itself support the indication.” In addition, the FDA noted that
a serious event of electrocardiogram QT interval prolongation
occurred for which attribution to the drug could not be excluded,
and a dedicated QT interval study would be necessary. Following
this news, Aeterna shares declined nearly 50%, or $0.64 per share,
to close on November 6, 2014, at $0.65 per share, on unusually
heavy volume.
If you are a member of the Class described above, you may move
the Court no later than January 12, 2015, to serve as lead
plaintiff; however, you must meet certain legal requirements. To be
a member of the Class you need not take any action at this time;
you may retain counsel of your choice or take no action and remain
an absent member of the Class. If wish to learn more about this
action, or if you have any questions concerning this announcement
or your rights or interests with respect to these matters, please
contact Casey Sadler, Esquire, of Glancy Binkow & Goldberg LLP,
1925 Century Park East, Suite 2100, Los Angeles, California 90067,
at (310) 201-9150, by e-mail to shareholders@glancylaw.com, or
visit our website at http://www.glancylaw.com. If you inquire by
email, please include your mailing address, telephone number and
number of shares purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Glancy Binkow & Goldberg LLP, Los Angeles, CACasey
Sadler(310) 201-9150(888)
773-9224shareholders@glancylaw.comwww.glancylaw.com
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