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Robbins Arroyo LLP Announces Securities Class Action Lawsuit Has Been Filed Against Achillion Pharmaceuticals, Inc.

Monday, 14 Oct 2013 02:16pm EDT 

Shareholder rights law firm Robbins Arroyo LLP announced that an investor of Achillion Pharmaceuticals, Inc. has filed a federal securities fraud class action complaint in the U.S. District Court, District of Connecticut. The complaint alleges that the Company and certain of its officers violated the Securities and Exchange Act of 1934 between April 21, 2012 and September 27, 2013 (the "Class Period"). Achillion Accused of Misleading Investors Regarding Viability of Sovaprevir Shares of Achillion fell $4.22 per share, or more than 58%, on September 27, 2013, after the Company disclosed that the U.S. Food and Drug Administration ("FDA") continued its clinical hold on sovaprevir, its investigative drug for the treatment of hepatitis. This steep decline comes just two months after Achillion experienced an initial 25% decline per share on the announcement that the FDA instituted the clinical hold on July 1, 2013. 

Company Quote

-0.07 -0.81%
2 Jul 2015