Key Developments: Achillion Pharmaceuticals Inc (ACHN.O)
28 Jul 2015
Latest Key Developments (Source: Significant Developments)
Bernstein Liebhard LLP announced that a class action has been commenced in the United States District Court for the District of Connecticut on behalf of all those (the Class) who purchased securities of Achllion Pharmaceuticals, Inc. (Achillion or the Company) between April 21, 2012 and September 27, 2013, inclusive (the Class Period). The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects, including the safety and suitability of its investigative drug for the treatment of hepatitis, sovaprevir. Defendants failed to inform investors that sovaprevir in fact did not interact well with other drugs commonly administered to treat hepatitis and/or HIV. Specifically, the Company misled investors to believe that even though patients in the Company's clinical trials for sovaprevir had elevations in liver enzymes, these liver enzymes elevations were transient and returned to baseline values and were attributable to non-drug-related factors. As a result of the foregoing, the Company's statements were materially false and misleading at all relevant times. Full Article
Robbins Arroyo LLP Announces Securities Class Action Lawsuit Has Been Filed Against Achillion Pharmaceuticals, Inc.
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. Full Article
Federman & Sherwood Announces Securities Class Action Lawsuit Has Been Filed Against Achillion Pharmaceuticals, Inc.
Achillion Pharmaceuticals Inc announced that on October 8, 2013, a class action lawsuit was filed in the United States District Court for the District of Connecticut against Achillion Pharmaceuticals, Inc. The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is April 21, 2012 through September 27, 2013. Plaintiff seeks to recover damages on behalf of all Achillion Pharmaceuticals, inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than December 9, 2013 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995. Full Article
May 19 - Achillion Pharmaceuticals Inc said it will collaborate with Johnson & Johnson to develop and market its hepatitis C drugs including an oral regimen that could work on all genotypes and shorten treatment time.