NEW YORK, Jan. 16, 2014 /PRNewswire/ -- Bernstein Liebhard LLP today announced that a class action has been commenced in the United States District Court for the District of Massachusetts on behalf of purchasers (the "Class") of securities of Aegerion Pharmaceuticals, Inc. ("Aegerion") (NASDAQ: AEGR) during the period of March 15, 2012 and January 9, 2014 (the "Class Period").
Aegerion is a biopharmaceutical company engaged in the development and commercialization of novel therapeutics to treat debilitating and fatal rare diseases in the United States. The Company's products include JUXTAPID (lomitapide) capsules, which are an adjunct to a low-fat diet, as well as other lipid-lowering treatments in patients with homozygous familial hypercholesterolemia. Aegerion was founded in 2005 and is headquartered in Cambridge, Massachusetts.
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. Specifically, Defendants made false and/or misleading statements and/or failed to disclose to Aegerion investors that: (1) the Company marketed its drugs in violation of the Federal Food Drug and Cosmetic Act ("FDCA"); (2) as a result, the Company faced heightened regulatory scrutiny by the FDA and other governmental bodies; and (3) as a result of the foregoing, Aegerion's statements were materially false and misleading at all relevant times.
On November 8, 2013, news reports revealed that the Company received an FDA Warning Letter (the "Warning Letter") in connection with statements the Company's CEO made regarding JUXTAPID capsules during broadcast interviews on CNBC's television show "Fast Money" on June 5, 2013 and October 31, 2013. The Warning Letter stated that an Aegerion principal made public statements that JUXTAPID was intended for new uses for which it lacked approval and for which its labeling did not provide adequate directions for use. Thus, according to the FDA, Aegerion misbranded and wrongfully distributed JUXTAPID within the meaning of the FDCA.
On January 10, 2014, the Company received a subpoena from the U.S. Department of Justice requesting documents regarding its marketing and sale of JUXTAPID. On this news, Aegerion shares declined $7.98 per share, or nearly 11%, to close at $65.77 per share on January 10, 2014.
Plaintiffs seek to recover damages on behalf of all Class members who invested in Aegerion securities during the Class Period. If you invested in Aegerion securities as described above, and either lost money on the transaction or still hold the security, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than March 17, 2014.
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. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as an Aegerion shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or firstname.lastname@example.org.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. It has been named to The National Law Journal's "Plaintiffs' Hot List" in each of the last ten years.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the District of Massachusetts.
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