NEW YORK, Jan. 23, 2017 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of KemPharm, Inc. ("KemPharm" or the "Company") (NASDAQ: KMPH). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether KemPharm and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
In December 2015, KemPharm submitted a New Drug Application to the U.S. Food and Drug Administration ("FDA") for the Company's Apadaz product, intended to be labeled as an "abuse-deterrent" opioid product that offers equivalent efficacy to the existing standard-of-care products, but with reduced addictive effect. On April 16, 2015, KemPharm conducted its IPO, selling 5,090,909 common shares at $11.00 per share, generating net proceeds of $52,079,999. On May 5, 2016, KemPharm announced that the Anesthetic and Analgesic Drug Products Advisory Committee and the Drug Safety and Risk Management Advisory Committee of the FDA had reviewed and voted on Apadaz, with a vote of 18 to 2 against inclusion of abuse-deterrent labeling for the product. The FDA stated that there was an issue with the study design of Apadaz that made it difficult to use in assessing the abuse-deterrent effect of the drug.
On this news, KemPharm stock fell $8.76, or 55.9%, to close at $6.91 on May 6, 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