NEW YORK, July 22, 2016 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Insmed Incorporated ("Insmed" or the "Company") (NASDAQ: INSM) and certain of its officers. The class action, filed in United States District Court District of New Jersey, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Insmed securities between March 18, 2013 and June 8, 2016 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 Insmed securities during the Class Period, you have until September 13, 2016 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 firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Insmed, a biopharmaceutical company, focuses on the development and commercialization of inhaled therapies for patients with serious lung diseases. The Company's lead product candidate is Arikayce, or liposomal amikacin, for inhalation, a formulation of amikacin. Arikayce is in late-stage clinical development for treatment of nontuberculous mycobacteria ("NTM") lung disease.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: Defendants made false and/or misleading statements and/or failed to disclose that: (i) the data on which Insmed's European marketing authorization application ("MAA") for Arikayce relied was not likely to support approval by the European Medicines Agency ("EMA") for the treatment of NTM lung disease; (ii) Arikayce's approval by the EMA for the treatment of NTM lung disease and subsequent commercialization in Europe were thus less likely and/or imminent than Insmed had led investors to believe; and (iii) as a result of the foregoing, Insmed's public statements were materially false and misleading at all relevant times.
On June 8, 2016, after the market closed, Insmed announced that it had withdrawn its MAA from the EMA for Arikayce for the treatment of NTM lung disease. The Company stated that "During the May 2016 Committee for Medicinal Products for Human Use (CHMP) meeting, the CHMP indicated that the phase 2 study did not provide a sufficient amount of evidence to support an approval. Insmed intends to resubmit its MAA when clinical data from its ongoing global phase 3 study are available."
On this news, Insmed's share price fell $0.99, or 8.24%, to close at $11.02 on June 9, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, 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 80 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
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SOURCE Pomerantz LLP