Shareholder Alert: Robbins LLP Announces Sarepta Therapeutics, Inc. (SRPT) Sued for Misleading Shareholders
SAN DIEGO & CAMBRIDGE, Mass.--(BUSINESS WIRE)--Jan 9, 2020--
Shareholder rights law firm Robbins LLP announces that a purchaser of Sarepta Therapeutics, Inc. (NASDAQ: SRPT) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 between September 6, 2017 and August 19, 2019. Sarepta Therapeutics focuses on the discovery and development of RNA-based therapeutics, gene therapy, and other genetic medicine for the treatment of rare diseases. Sarepta’s products pipeline includes its drug golodirsen for the treatment of duchenne muscular dystrophy (“DMD”).
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Sarepta Therapeutics, Inc. (SRPT) Accused of Misleading Shareholders
According to the complaint, in September 2017, Sarepta announced positive results from its first-in-human study for the safety, tolerability, pharmacokinetics, and efficacy of its drug golodirsen. Following these auspicious results, on February 14, 2019, Sarepta revealed that the FDA had accepted the company’s New Drug Application (“NDA”) “seeking accelerated approval for golodirsen and provided a regulatory action date of August 19, 2019,” failing to mention any possible or known risks related to golodirsen. Despite positive statements about the effects of golodirsen throughout the relevant period, on August 19, 2019, Sarepta revealed that a complete response letter from the FDA expressed concerns with (1) golodirsen’s risk of infection from its intravenous infusion ports, and (2) its renal toxicity seen in pre-clinical models. On this news, Sarepta’ stock price fell $18.24, or 15%, to close at $102.07.
Sarepta Therapeutics, Inc. (SRPT) 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: Robbins LLP
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PUB: 01/09/2020 09:12 PM/DISC: 01/09/2020 09:12 PM