NEW YORK, Sept. 17, 2018 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Ampio Pharmaceuticals, Inc. ("Ampio" or the "Company") (NYSE: AMPE) and certain of its officers. The class action, filed in United States District Court, District of Colorado, and index under 18-cv-02252, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired the publicly traded securities of Ampio between December 14, 2017 and August 7, 2018, both dates inclusive (the "Class Period"). Plaintiff seeks to recover compensable damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Ampio securities between December 14, 2017, and August 7, 2018, both dates inclusive, you have until October 24, 2018, 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.
Ampio is a biopharmaceutical company which focuses on the development of therapies for the treatment of prevalent inflammatory conditions in the United States.
Ampion, a biologic intra-articular injection being studied for the treatment of pain due to osteoarthritis of the knee, is one of the Company's lead product candidates. The Company conducted a Phase III trial for Ampion, titled: "AP-003".
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 that: (1) the FDA would find Ampio's AP-003-C Phase 3 clinical trial inadequate and not well-controlled; (2) as a result, Ampio had not successfully completed two pivotal clinal trials for Ampion; (3) consequently, Defendants' public statements were materially false and misleading at all relevant times.
On August 7, 2018, after the market closed, Ampio announced updated business disclosures relating to its AP-003-A and AP-003-C trials, disclosing that the FDA found that a single trial the AP-003-A study alone does not appear to provide sufficient evidence of effectiveness to support a BLA and that the FDA does not consider the AP-003-C trial to be an adequate and well-controlled clinical trial.
On this news, shares of Ampio fell $2.25 per share or over 78% to close at $0.61 per share on August 8, 2018. Shares continued to fall another 21.3% the next day.
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
888-476-6529 ext. 9980
SOURCE Pomerantz LLP