SAN DIEGO, Jan. 10, 2017 /PRNewswire/ -- Johnson & Weaver, LLP announces that a class action complaint was filed on behalf of purchasers of Agile Therapeutics, Inc., (NASDAQ: AGRX) securities during the period between March 9, 2016, and January 3, 2017 (the "Class Period"). Agile is a specialty pharmaceutical company that focuses on the development and commercialization of prescription contraceptive products for women. The lawsuit will seek to recover damages for shareholders.
According to the complaint, throughout the Class Period defendants issued materially false and misleading statements to investors and failed to disclose that: (1) the Twirla contraceptive patch had an efficacy rating that fell below peer group standards; (2) over half of patients in its "Secure" Phase 3 Study discontinued the study early; (3) the Twirla patch therefore allegedly had a slight chance of FDA approval; and (4) as a result, defendants' positive statements about its business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On January 3, 2017, Agile revealed information related to the Phase 3 study of its Twirla product, a combined hormonal contraceptive patch. The study failed to meet standards achieved by other existing marketed contraceptive patches. Moreover, rather than the patch being designed to "optimize … patient comfort," Agile disclosed that a full 51.4% of trial participants – more than half – had discontinued use during the trial, with 4.3% complaining of headaches, 4.1% complaining of nausea, 2% complaining of breast tenderness/discomfort, 2.7% complaining of mood swings/changes/depression, and 1.8% complaining of heavy/irregular vaginal bleeding, and another 1.7% reporting "serious adverse events" including "deep vein thrombosis, pulmonary embolism, gallbladder disease, ectopic pregnancy and depression." Of reported patches worn, 17% of participants reported experiencing patch site irritation and 35% reported experienced itching.
On this news, the price of Agile common stock plummeted 74% from its close in after-hours trading on January 3, 2016.
If you have any questions concerning this notice, or if you purchased stock before the March 9, 2016, class period, please contact lead analyst Jim Baker (firstname.lastname@example.org) at 619-814-4471. If you email, please include your phone number.
Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice or may choose to do nothing and remain an absent class member.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/agile-agrx-alert--johnson--weaver-llp-announces-filing-of-class-action-complaint-against-agile-therapeutics-inc-encourages-all-investors-to-contact-the-firm-for-information-300388512.html
SOURCE Johnson & Weaver, LLP