Shareholder Alert: Robbins LLP Reminds Investors Zogenix, Inc. (ZGNX) Sued for Misleading Shareholders
SAN DIEGO & EMERYVILLE, Calif.--(BUSINESS WIRE)--Nov 21, 2019--
Shareholder rights law firm Robbins LLP reminds investors that a purchaser of Zogenix, Inc. (NASDAQ: ZGNX) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 between February 6, 2019 and April 8, 2019. Zogenix is a pharmaceutical company that develops and commercializes therapies for the treatment of transformative central nervous system disorders in the United States. Its lead product candidate is ZX008, which is also known commercially by its trademarked name “FINTEPLA.”
If you suffered a loss as a result of Zogenix’s misconduct, click here.
Zogenix, Inc.’s (ZGNX) NDA Contained Inadequate Non-Clinical Data
According to the complaint, in February 2019, Zogenix announced the submission of its New Drug Application (“NDA”) to the U.S. Food and Drug Administration (“FDA”) for FINTEPLA. The press release touted Zogenix’s “two pivotal Phase 3 trials in Dravet syndrome and an interim analysis from an ongoing open-label extension study” on which the NDA was based. Throughout February, Zogenix executives reaffirmed positive trial results. The truth was revealed on April 8, 2019, when Zogenix issued a press release announcing it had received a Refusal to File letter from the FDA stating that the NDA was not sufficiently complete to permit a substantive review. Zogenix disclosed that it had submitted historical studies rather than conducting its own non-clinical toxicology studies. It also revealed that if the study was required, it would take Zogenix 12 to 15 months to carry out the studies. On this news, Zogenix’s stock price fell nearly 23% to close at $39.96 per share on April 9, 2019.
Zogenix, Inc. (ZGNX) Shareholders Have Legal Options
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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SOURCE: Zogenix, Inc.
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PUB: 11/21/2019 02:42 PM/DISC: 11/21/2019 02:42 PM