Celladon Corporation investors may receive additional information about the case by clicking the link "Join this Class Action" above.
Celladon is a clinical-stage biotechnology company that is focused on the development of cardiovascular gene therapy and calcium dysregulation.
The complaint alleges that during the Class Period defendants' made false and misleading statements and/or failed to disclose adverse information regarding the company's prospects for its lead drug candidate, MYDICAR, for treating enzyme deficiency in heart failure patients that results in inadequate pumping of the heart. As a result of these false and misleading statements or omissions, Celladon securities traded at artificially inflated prices during the Class Period.
On April 26, 2015, Celladon announced that the company's Phase 2b CUPID2 trial of MYDICAR did not meet its primary and secondary goals. The company reported that "the primary endpoint comparison of MYDICAR to placebo resulted in a hazard ratio of 0.93 (0.53, 1.65 95%CI) (p=0.81), defined as heart failure-related hospitalizations or ambulatory treatment for worsening heart failure" and the "secondary endpoint comparison of MYDICAR to placebo, defined as all-cause death, need for a mechanical circulatory support device, or heart transplant, likewise failed to show a significant treatment effect." As a result of this news, the price of Celladon stock fell $11.04 per share to close at $2.64 per share on April 27, 2015, a decline of 80% on volume of 32 million shares.
On June 1, 2015, Celladon issued a press release announcing the abrupt resignation of the Company's Chief Executive Officer. On June 26, 2015, before the market opened, Celladon announced the suspension of its plans for further research or development of its MYDICAR program and other pre-clinical programs, indicating there was a possibility that the Company could be liquidated with net cash available to shareholders of $25-$30 million. As a result of this news, the price of Celladon stock dropped $0.85 per share to close at $1.35 per share on June 26, 2015, a one-day decline of 38% on volume of 9 million shares, and a 95% decline from the stock's Class Period high price.
If you are a member of the class described above, you may no later than August 31, 2015, move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706