NEW YORK, Aug. 8, 2014 /PRNewswire/ -- Pomerantz LLP has filed a class action lawsuit against Regado Biosciences, Inc. ("Regado" or the "Company")(NASDAQ: RGDO) and certain of its officers. The class action, filed in United States District Court, District of New Jersey, and docketed under 14-cv-04345-JAP-DEA, is on behalf of a class consisting of all persons or entities who purchased Regado securities between August 22, 2013 and July 9, 2014, inclusive (the "Class Period"). 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").
If you are a shareholder who purchased Regado securities during the Class Period, you have until September 8, 2014 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Regado is a biopharmaceutical company that focuses on the discovery and development of antithrombotic drug systems for acute and sub-acute cardiovascular and other indications.
The Complaint alleges that throughout the Class Period, Defendants made false and/or materially misleading statements, and failed to disclose material adverse facts about the Company's business, operations, prospects and performance. Specifically, during the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the danger and frequency of allergic reactions experienced by subjects in the REG1 Phase 3 trial were significant enough to derail the trial; (ii) the allergic reactions were of such a serious nature and/or frequency that the Data Safety Monitoring Board ("DSMB") and FDA would ultimately be required to place the clinical trial on hold; and (iii) and as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
On July 3, 2014, the Company announced that the DSMB overseeing the REG1 clinical trial commenced an "unplanned review" to determine the "safety and treatment benefit-risk ratio" of all the 3,234 patients who had been enrolled in the study to date. As a result, Regado ceased enrolling patients in the study and announced that it would suspend the trial until the review was complete.
On this news, Regado stock fell $3.95, or over 58%, on unusually heavy volume, to close at $2.81 on July 3, 2014.
On July 9, 2014, after the market closed, the Company announced that, further to their decision to voluntarily pause enrollment in the REG1 study, the FDA informed the Company that a clinical hold has been placed on all patient enrollment and dosing in the ongoing Phase 3 trial.
On this news, Regado stock fell $0.20, or over 7%, on unusually heavy volume, in intraday trading on July 10.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP