Esperion investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Esperion is a pharmaceutical company that focuses on developing and commercializing oral low-density lipoprotein cholesterol (“LDL-cholesterol”) lowering therapies for patients with hypercholesterolemia. Esperion’s lead product candidate is ETC-1002, a once-daily small molecule designed to lower LDL-cholesterol levels. According to Esperion, ETC-1002 is designed to lower LDL-cholesterol while avoiding the side effects associated with other LDL-cholesterol lowering therapies on the market. While statins are the current standard of care for lowering LDL-cholesterol, Esperion is developing ETC-1002 to treat patients who are already taking statins and need further relief or are intolerant to statins.
After the market closed on August 17, 2015, Esperion issued a release announcing that the company was “on track to initiate the ETC-1002 Phase 3 development program” in 2015. The defendants assured investors that the FDA would not require a completed cardiovascular outcomes trial (“CVOT”) prior to approving ETC-1002.
The complaint alleges that the statements by the defendants were made with knowledge of falsity and/or with reckless disregard of the truth because at the time they were made, the defendants had already met with the FDA and were aware of what the FDA had communicated to them less than a week prior to making the statements.
According to the complaint, after the market closed on September 28, 2015, the defendants began to reveal the truth about their discussion with the FDA, stating in a news release that the FDA had actually “encouraged the Company to initiate a cardiovascular outcomes trial promptly” and it may be necessary to have a completed CVOT prior to approval.
On September 28, 2015, Esperion stock traded at $35.09 per share. After the defendants revealed the truth, the next day Esperion’s stock opened at $26.00 per share. On September 29, 2015, the price of Esperion shares had fallen almost 50% from its previous close to $18.33 per share on unusually high volume.
If you are a member of the class described above, you may no later than March 14, 2016 , 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