NEW YORK, Dec. 19, 2014 /PRNewswire/ -- Pomerantz LLP has
filed a class action lawsuit against Aeterna Zentaris, Inc.
("Aeterna" or the "Company")(NASDAQ: AEZS) and certain of its
officers. The class action, filed in United States
District Court, District of New
Jersey, is on behalf of a class consisting of all persons or
entities who purchased Aeterna securities between June 26, 2012 and November
5, 2014, 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").
If you are a shareholder who purchased Aeterna securities during
the Class Period, you have until January 12,
2015 to ask the Court to appoint you as Lead Plaintiff for
the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact
Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, x237. Those who inquire by e-mail are encouraged to include
their mailing address, telephone number, and number of shares
purchased.
Aeterna is a specialty biopharmaceutical Company engaged in
developing novel treatments in oncology and endocrinology. The
Company's pipeline encompasses compounds at various stages of
development, none of which are currently available for sale to the
public. AEZS's primary drug development candidates include
zoptarelin doxorubicin and MACRILENTM in oncology and endocrinology
respectively.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and misleading statements and
omissions concerning the safety and efficacy of the Company's drug
MACRILEN, which was meant to serve as a diagnostic test for adult
growth hormone deficiency ("AGHD"). However, contrary to
Defendants' false and misleading statements, which caused the
Company's common stock to trade at artificially inflated prices,
AEZS' primary clinical trial failed to adequately prove that
MACRILEN acted as an effective diagnostic test and, therefore, the
U.S. Food and Drug Administration ("FDA") denied the Company's
application to market the drug publicly. Upon disclosure of these
material adverse facts, the Company's stock lost almost 50% of its
value.
On November 6, 2014, the Company
announced that it had received a Complete Response Letter ("CRL")
from the FDA, advising that it would not approve the Company's
MACRILEN NDA. The Company stated that the FDA's letter
advised the Company that: "the planned analysis of the Company's
pivotal trial did not meet its stated primary efficacy objective as
agreed to in the Special Protocol Assessment agreement letter
between the Company and the FDA." The CRL further raised
issues related to the lack of complete and verifiable source data
for determining whether patients were accurately diagnosed with
AGHD. The FDA concluded that, "in light of the failed primary
analysis and data deficiencies noted, the clinical trial does not
by itself support the indication."
On this news, shares of Aeterna fell $0.64 per share, or more than 49.60%, to close at
$0.65 per share on November 6, 2014.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San
Diego, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the
Pomerantz Firm pioneered the field of securities class actions.
Today, more than 70 years later, the Pomerantz Firm continues in
the tradition he established, fighting for the rights of the
victims of securities fraud, breaches of fiduciary duty, and
corporate misconduct. The Firm has recovered numerous
multimillion-dollar damages awards on behalf of class members. See
www.pomerantzlaw.com.
CONTACT:
Robert S.
Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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SOURCE Pomerantz LLP