WAYNE, Pa., July 7, 2016 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in United States District Court for the District of New Jersey on behalf of purchasers of Lipocine Inc. ("Lipocine" or the "Company") (NASDAQ: LPCN) between June 30, 2015 and June 28, 2016, inclusive (the "Class Period").
Lipocine shareholders may, no later than August 30, 2016, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Lipocine and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/lpcn.
Lipocine a specialty pharmaceutical company, develops pharmaceutical products using its oral drug delivery technology in the areas of mens and womens health.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) the Company's filing of its New Drug Application ("NDA") for its lead product candidate, TLANDOTM ("LPCN 1021"), to the U.S. Food and Drug Administration ("FDA") contained deficiencies; and (2) as a result, Defendants' statements about Lipocine's business and operations were false and misleading and/or lacked a reasonable basis. As a result of defendants' alleged false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on June 29, 2016, the Company announced that it had received a Complete Response Letter ("CRL") from the FDA regarding its NDA for LPCN 1021. The CRL identified deficiencies related to the dosing algorithm for the label. Specifically, the proposed titration scheme for clinical practice was significantly different from the titration scheme used in the Phase 3 trial leading to discordance in titration decisions between the Phase 3 trial and real-world clinical practice.
On this news, shares of Lipocine plummeted over 50%, closing at $3.10 per share on June 29, 2016, on heavy trading volume.
If you are a member of the class, you may, no later than August 30, 2016, request that the Court appoint you as lead plaintiff of the class. 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 Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information regarding this, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at firstname.lastname@example.org or visit: www.rmclasslaw.com/cases/lpcn. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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SOURCE Ryan & Maniskas, LLP