NEW YORK, Sept. 26, 2019 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Aclaris Therapeutics Inc. ("Aclaris" or the "Company") (NASDAQ: ACRS) and certain of its officers. The class action, filed in United States District Court, for the Southern District of New York, and indexed under 19-cv-08284, is on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise acquired publicly traded Aclaris securities between May 8, 2018, and June 20, 2019, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased Aclaris securities during the class period, you have until September 30, 2019, 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 [email protected] 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 the number of shares purchased.
Aclaris is a biopharmaceutical company that identifies, develops, and commercializes therapies to address unmet needs in medical and aesthetic dermatology and immunology. The Company's lead product ESKATA is a hydrogen peroxide topical solution to treat raised seborrheic keratosis, a common non-malignant tumor.
The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (i) the Company's advertising materials minimized the risks and overstated the efficacy of ESKATA to generate sales; (ii) as a result, the Company was reasonably likely to face regulatory scrutiny; and (iii) as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On June 20, 2019, the U.S. Food & Drug Administration ("FDA") stated that an advertisement for ESKATA "makes false or misleading claims" regarding the product's risk and efficacy. Specifically, "a direct-to-consumer video of an interview featuring a paid Aclaris spokesperson" was "especially concerning . . . because it fails to include information regarding the serious risks associated with ESKATA, which bears warnings and precautions related to the risks of serious eye disorders . . . in the case of exposure to the eye and severe skin reactions including scarring."
On this news, the Company's share price fell $0.57 per share, or over 11%, over two consecutive trading sessions to close at $4.54 per share on June 21, 2019, on unusually heavy trading volume.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, 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
SOURCE Pomerantz LLP