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 - EconoTimes)
NEW YORK, Jan. 29, 2016 -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Tetraphase Pharmaceuticals Inc. (“Tetraphase” or the “Company”) (Nasdaq:TTPH) in the United States District Court for the District of Massachusetts on behalf of a class consisting of all persons or entities who purchased Tetraphase securities between March 5, 2015 and September 8, 2015, 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”).
The Complaint alleges that the Company and certain insiders issued materially false and misleading statements to investors. In particular, the Complaint alleges that the Company made positive statements about the efficacy and potential for its drug Eravacycline to achieve approval by the FDA, despite knowledge that a pivotal portion of its IGNITE2 phase 3 clinical trial for Eravacycline would fail to achieve its primary endpoint of statistical non-inferiority compared to the antibiotic Levofloxacin.
On September 8, 2015, the Company announced that the pivotal portion of its IGNITE2 phase 3 clinical trial of Eravacycline did not achieve its primary endpoint. Following this news, shares of the Company fell from a close of $44.78 on September 8, 2015, to a close of $8.36 per share on September 10, 2015 — a loss of more than 80% in market value.
If you wish to serve as lead plaintiff, you must move the Court no later than March 28, 2016. 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.
