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 - EconoTimes)
NEW YORK, Oct. 24, 2017 -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Antares Pharma, Inc. (“Antares” or the “Company”) (Nasdaq:ATRS) in the United States District Court for the District of New Jersey on behalf of a class consisting of investors who purchased or otherwise acquired Antares securities on the open market from December 21, 2016 through October 12, 2017, inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Exchange Act of 1934.
The Complaint alleges that Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, the Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) Antares had provided insufficient data to the FDA in connection with its NDA for Xyosted; (ii) accordingly, Antares had overstated the approval prospects for Xyosted; and (iii) as a result of the foregoing, Antares’ public statements were materially false and misleading at all relevant times.
On October 12, 2017, post-market, Antares disclosed that on October 11, 2017, the Company received a letter from the FDA stating that the agency had “identified deficiencies that preclude the continuation of the discussion of labeling and post marketing requirements/commitments” for Xyosted. On this news, the Company’s share price fell $1.41, or 37.80%, to close at $2.32 on October 13, 2017.
On October 20, 2017, post-market, Antares announced receipt of a Complete Response Letter (“CRL”) from the FDA regarding the NDA for Xyosted, “indicat[ing] that the FDA cannot approve the NDA in its present form.” The Company stated in part that “the FDA is concerned that XYOSTED could cause a clinically meaningful increase in blood pressure” and also “raised a concern regarding the occurrence of depression and suicidality.”
If you wish to serve as lead plaintiff, you must move the Court no later than December 22, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
