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Lipocine is a specialty pharmaceutical company, which develops pharmaceutical products using its oral drug delivery technology in the areas of men's and women's health.
The Complaint alleges that throughout the Class Period, defendants made materially false and/or 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: (1) Lipocine's filing of its New Drug Application to the U.S. Food and Drug Administration for LPCN 1021, Lipocine's lead product candidate, 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.
On June 29, 2016, the Company issued a press releasing disclosing its receipt of a Complete Response Letter for LPCN 1021 from the FDA, identifying deficiencies relating to the product's dosing algorithm and advising Lipocine that its LPCN 1021 application could not be approved in its current form.
On this news, shares of Lipocine fell $3.17 per share or over 50% to close at $3.10 per share on June 29, 2016, damaging investors.
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
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert--pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-lipocine-inc-of-class-action-lawsuit-and-upcoming-deadline--lpcn-300299565.html
SOURCE Pomerantz LLP