CLEVELAND, Feb. 2, 2016 /PRNewswire/ -- To obtain more information about this lawsuit, Esperion investors are encouraged to contact Alan Rosca or James Booker toll free at 888-998-0520 or by email at firstname.lastname@example.org or by filling out the contact form on our website, www.esperionclassaction.com.
The putative class action is on behalf of those who purchased Esperion common stock between August 18, 2015 and September 28, 2015, inclusive.
According to the Complaint, by early August 2015, Esperion had completed ETC- Phase 2b clinical trials of its lead product candidate ETC-1002, and Esperion was meeting with the U.S. Food and Drug Administration ("FDA") to discuss a Phase 3 approval process.
On August 17, 2015, Esperion shares shot up more than 13% to close at $75.51 after Esperion told investors that "Based on feedback from the FDA, approval of ETC-1002 in the HeFH (heterozygous familial hypercholesterolemia) and ASCVD (clinical atherosclerotic cardiovascular disease) patient populations will not require the completion of a cardiovascular outcomes trial." Tim Mayleben, Esperion's president and chief executive officer, said the Company was pleased with an FDA meeting and Esperion had a "clear regulatory path forward for development and approval of ETC-1002."
In a sudden course reversal, on September 28, 2015, Esperion revealed that the FDA had "encouraged the Company to initiate a cardiovascular outcomes trial promptly, which would be well underway at the time of the New Drug Application submission and review, since any concern regarding the benefit/risk assessment of ETC-1002 could necessitate a completed cardiovascular outcomes trial before approval."
Following this reversal, Esperion's common stock plummeted $16.76, or over 47%, to close on September 29, 2015 at $18.33.
What investors can do
If you are an Esperion investor and wish to obtain additional information about the lawsuit or would like to discuss this matter or your rights, please visit www.esperionclassaction.com and complete the contact form, or contact Alan Rosca or James Booker toll free at 888-998-0520 or by email at email@example.com.
The Peiffer Rosca Wolf Abdullah Carr & Kane law firm ("Peiffer Rosca Wolf") represents individual and institutional investors who have suffered financial losses as a result of investment fraud or misconduct, Ponzi schemes, unsuitable investment recommendations, or abusive practices in the financial industry.
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