NEW YORK, March 31, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Regulus Therapeutics, Inc. ("Regulus" or the "Company") (NASDAQ: RGLS) of the April 3, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Southern District of California on behalf of all those who purchased Regulus stock or options between January 21, 2016 and June 27, 2016 (the "Class Period"). The case, Jin v. Regulus Therapeutics Inc. et al, No. 17-cv-00267 was filed on February 10, 2017, and has been assigned to Judge Barry Ted Moskowitz.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose safety concerns regarding its lead product candidate, RG-101, for the treatment of hepatitis C virus (HCV) infection.
First, during a webcast and conference call to present additional interim data on RG-101 at the International Liver Conference on April 15, 2016, the Company disclosed in a footnote that the Daklinza arm of the RG-101 Phase II trial had a severe adverse event from jaundice. Then, on June 27, 2016, FDA informed Regulus that it would place for RG-101 on full clinical hold after a second serious adverse event of jaundice was reported. After these safety concerns were announced, the stock declined severely, damaging investors.
Finally, on January 27, 2017, the Company announced that it would submit a complete response to the FDA with the requested information in the fourth quarter of 2017 and stated that there can be "no assurances as to when the clinical hold on RG-101 may be lifted, if at all."
After the announcement, Regulus's share price fell from $2.25 per share on January 27, 2017 to a closing price of $1.30 on January 30, 2017—a $0.95 or a 42.2% drop.
Request more information now by clicking here: www.faruqilaw.com/RGLS. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Regulus's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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SOURCE Faruqi & Faruqi, LLP