NEW YORK, March 14, 2017 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against SCYNEXIS, Inc. ("SCYNEXIS" or the "Company") (NASDAQ: SCYX) and certain of its officers, and is on behalf of a class consisting of all persons or entities who purchased SCYNEXIS securities: (1) pursuant or traceable to SCYNEXIS's initial public offering on or about May 2, 2014; and/or (2) from May 2, 2014 through March 2, 2017, inclusive (the "Class Period"). Such investors are advised to join this case by visiting the firm's site: http://www.bgandg.com/scyx.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
The complaint alleges that throughout the class period, defendants made false and misleading statements and/or failed to disclose that (1) SCYNEXIS' lead product SCY-078 entailed substantial undisclosed health and safety risks; (2) as a result, SCYNEXIS had overstated the drug's approval prospectus and/or commercial viability; and (3) consequently, SCYNEXIS' public statements were materially false and misleading at all relevant times.
On March 2, 2017, after-market hours, Scynexis revealed that the U.S. Food and Drug Administration ("FDA") has placed a clinical hold on clinical trials for the intravenous formulation of its lead product candidate SCY-078, "until the FDA completes a review of all available pre-clinical and clinical data." Scynexis encouraged investors that "[t]he clinical hold decision was issued by the FDA following a review of three mild-to-moderate thrombotic events in healthy volunteers receiving the IV formulation of SCY-078 at the highest doses and highest concentrations in a Phase 1 study." Following this news, Scynexis stock dropped $0.57 per share or over 17% to close at $2.70 per share on March 3, 2017.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/scyx or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in SCYNEXIS you have until May 8, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | firstname.lastname@example.org
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SOURCE Bronstein, Gewirtz & Grossman, LLC