The Complaint alleges that on July 23, 2015, Inotek announced its positive End of Phase 2 meeting with the U.S. Food and Drug Administration and said that Inotek is in the "final preparation stages to commence its first Phase 3 trial in 4Q and look forward to data in 2016." Inotek also announced a confident forecast of the Phase 3 trabodenoson trial, which caused its stock price to surge to $15.37 per share on July 23, 2015. Inotek's Form 10-K filing also implied that trabodenoson would be successful, stating that it upholds an impressive safety record compared to similar glaucoma treatments.
Despite the positive announcements, per the Complaint, Inotek officials were aware that part of the clinical trial of trabodenoson would not achieve its intended goal of reducing intraocular pressure compared to the placebo. Later on January 3, 2017, Inotek exposed this information and stated that the first pivotal Phase 3 trial of trabodenoson to treat open-angle glaucoma or ocular hypertension failed, in comparison to the placebo, in its endpoint of superiority in the reduction of intraocular pressure. Following this news, Inotek's stock dropped about 70%.
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/itek 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 Inotek you have until March 7, 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.
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