QUEBEC CITY, Sept. 24, 2015 /PRNewswire/ - Aeterna Zentaris Inc. (NASDAQ: AEZS; TSX: AEZ) (the "Company"), announced today that the previously disclosed purported class action lawsuit filed against the Company and certain of its current and former officers (the "Defendants"), brought on behalf of shareholders of the Company in the United States District Court for the Southern District of New Jersey, has been dismissed with leave to amend. In dismissing the lawsuit, the Court stated that "taking the complaint as a whole, plaintiffs have failed to state a claim" under the Private Securities Litigation Reform Act of 1995 or Rule 9 of the Federal Rules of Civil Procedure. The plaintiffs have until October 14, 2015, to file an amended complaint or to appeal the Court's decision, if they determine to do so.
"We are pleased that the Court agreed with our view that the plaintiffs' claims were insufficient to support their allegations that the Defendants violated the federal securities laws", commented David Dodd, Chairman and Chief Executive Officer of Aeterna Zentaris. "We believe the plaintiffs will be unable to correct the deficiencies in their case by amending their complaint, if they decide to do so, because we are confident that their allegations are without merit. Likewise, we believe that an appeal of the Court's decision would be unsuccessful because the Court's analysis of the law and the complaint is sound", Mr. Dodd concluded.
About Aeterna Zentaris Inc.
Aeterna Zentaris is a specialty biopharmaceutical company engaged in developing and commercializing novel treatments in oncology, endocrinology and women's health. For more information, visit www.aezsinc.com.
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the US Securities Litigation Reform Act of 1995. Specifically, the statement of belief about the inability of the plaintiffs to correct the deficiencies in their lawsuit or to obtain a reversal of the order on appeal are forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that could cause the forward-looking statements to be incorrect. Such risks and uncertainties include, among others, the existence of facts unknown to the Company that have a bearing on the lawsuit and the opinion of the Court regarding such facts and the view of an appellate court of the Court's decision. Investors are cautioned not to place undue reliance on the forward-looking statement. The Company does not undertake to update the forward-looking statements. We disclaim any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, unless required to do so by a governmental authority or by applicable law.
SOURCE Aeterna Zentaris Inc.