NEW YORK, Nov. 11, 2016 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Cempra, Inc. ("Cempra" or the "Company") (NASDAQ: CEMP) and certain of its officers. The class action, filed in United States District Court, Middle District of North Carolina, and docketed under 16-cv-1303, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Cempra securities between May 1, 2016 and November 1, 2016, both dates inclusive (the "Class Period"), seeking to recover compensable damages caused by defendants' violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Cempra securities during the Class Period, you have until January 3, 2017 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 number of shares purchased.
Cempra, Inc., a clinical-stage pharmaceutical company, focuses on developing antibiotics to meet medical needs in the treatment of bacterial infectious diseases in North America. One of the Company's lead product candidates include solithromycin (CEM-101), which is in Phase III clinical trials for the treatment of community acquired bacterial pneumonia, as well as for uncomplicated bacterial urethritis.
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 made false and/or misleading statements and/or failed to disclose that: (i) solithromycin posed significant safety risks for hepatotoxicity; and (ii) as a result of the foregoing, Cempra' public statements were materially false and misleading at all relevant times.
On November 2, 2016, the United States Food and Drug Administration ("FDA") posted on its website a preliminary review of solithromycin. FDA reviewers noted that "[a] significant safety signal for hepatotoxicity was observed in the solithromycin development program," and there was concern for "the high rate of infusion site-related reactions."
On this news, Cempra stock fell $11.35, or 60.86%, to close at $7.30 on November 2, 2016, the next trading day.
On November 4, 2016, Cempra issused a press release announcing that NASDAQ has halted trading of the Company's common stock. Cempra also announced that the FDA Antimicrobial Drugs Advisory Committee would meet that day to discuss the safety and efficacy of solithromycin to treat community-acquired bacterial pneumonia.
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
SOURCE Pomerantz LLP