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Shareholder Alert: Robbins LLP Announces Another Complaint Filed Against Aclaris Therapeutics, Inc. (ACRS)

November 27, 2019

SAN DIEGO & WAYNE, Pa.--(BUSINESS WIRE)--Nov 27, 2019--

Shareholder rights law firm Robbins LLP announces that a purchaser of Aclaris Therapeutics, Inc. (NASDAQ: ACRS) filed a derivative complaint against the company’s officers and directors for breaches of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, waste of corporate assets, and alleged violations of the Securities Exchange Act of 1934 from May 8, 2018 through the present. Aclaris, is a pharmaceutical company that develops therapies for dermatological and immune-inflammatory diseases. Its lead product is ESKATA, a hydrogen peroxide topical solution that treats seborrheic keratosis.

If you suffered a loss as a result of Aclaris’ misconduct, click here.

Aclaris Therapeutics (ACRS) Accused of Making Misleading Claims Regarding its ESKATA Drug

According to the complaint, in May 2018, Aclaris announced the launch of ESKATA, touting the product as the “first and only FDA-approved topical treatment for seborrheic keratosis.” Despite positive expectations, Aclaris acknowledged in its 2017 10-K that ESKATA was subject to post-marketing restrictions and that failure to comply with regulations could lead to penalties. Despite these warnings, Aclaris’ officers and directors allowed advertisements for ESKATA that exaggerated the drug’s efficacy and understated its risks. Consequently, on June 20, 2019, the FDA issued a letter expressing concern over misleading statements and omissions in Aclaris’ advertising regarding ESKATA’s efficacy and risk of harmful side effects, noting that the company was previously warned about the consequences of these advertising defects prior to publishing. As a result of Aclaris’ officers and directors’ failure to prevent the dissemination of false information, Aclaris, its CEO, and its CFO have been named in two federal securities class actions, which could further deplete the company’s assets. Since this news, Aclaris’ share price has fallen $3.41, an almost 67% decline from its June 19, 2019 closing price of $5.11.

Contact us to learn more:
Leo Kandinov
(800) 350-6003
lkandinov@robbinsarroyo.com
Shareholder Information Form

Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.

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View source version on businesswire.com:https://www.businesswire.com/news/home/20191127005634/en/

CONTACT: Leo Kandinov

Robbins LLP

5040 Shoreham Place

San Diego, CA 92122

lkandinov@robbinsllp.com

(619) 525-3990 or Toll Free (800) 350-6003

www.robbinsllp.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA PENNSYLVANIA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Robbins LLP

Copyright Business Wire 2019.

PUB: 11/27/2019 03:23 PM/DISC: 11/27/2019 03:23 PM

http://www.businesswire.com/news/home/20191127005634/en