SAN DIEGO, Sept. 23, 2016 /PRNewswire/ -- Shareholder rights law firm Johnson & Weaver, LLP's investigation into whether certain officers and directors of Carbylan Therapeutics, Inc. (NASDAQ: CBYL) violated federal securities laws continues. Carbylan is a specialty pharmaceutical company, focusing on the development and commercialization of novel and proprietary combination therapies.
On April 9, 2015, Carbylan's stock traded as high as $6.58, the same day the Company sold 13 million shares of stock in its initial public stock offering (the "IPO"), raising $65.0 million in new capital. However, since the IPO, Carbylan's stock has tumbled, falling from its high of $9.22 on June 8, 2015 to close at $0.49 on September 22, 2016.
On February 1, 2016 Carbylan stock plunged nearly 50 percent after the company disclosed top-line results from a Phase 3 trial, COR1.1. Then, in April 2016, Carbylan announced that it was suspending further clinical development of its pain relief product, Hydros–TA, and it is actively pursuing a merger or acquisition of the company. In concurrence, Carbylan also announced an immediate reduction in its workforce of 14 of its current 17 employees to preserve capital. Specifically, Johnson & Weaver's investigation seeks to determine whether certain statements regarding the Company's business metrics and financial prospects were not as strong as represented in the Registration Statement.
If you are a Carbylan shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact Jim Baker (email@example.com) at 619-814-4471. If you email, please include your phone number.
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
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SOURCE Johnson & Weaver, LLP