NEW YORK, July 15, 2016 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Lipocine Inc. ("Lipocine" or the "Company") (NASDAQ: LPCN), and certain of the company's officers. The class action, filed in United States District Court, District of New Jersey, is on behalf of a class consisting of all persons other than Defendants who purchased or acquired Lipocine securities between June 30, 2015 and June 28, 2016, both dates inclusive (collectively, the "Class Period"), seeking to recover 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 or otherwise acquired Lipocine securities during the Class Period, you have until August 30, 2016 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.
Lipocine is a specialty pharmaceutical company, which develops pharmaceutical products using its oral drug delivery technology in the areas of men's and women's health.
The Complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements regarding the Company's business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (1) Lipocine's filing of its New Drug Application to the U.S. Food and Drug Administration for LPCN 1021, Lipocine's lead product candidate, contained deficiencies; and (2) as a result, defendants' statements about Lipocine's business and operations were false and misleading and/or lacked a reasonable basis.
On June 29, 2016, the Company issued a press releasing disclosing its receipt of a Complete Response Letter for LPCN 1021 from the FDA, identifying deficiencies relating to the product's dosing algorithm and advising Lipocine that its LPCN 1021 application could not be approved in its current form.
On this news, shares of Lipocine fell $3.17 per share or over 50% to close at $3.10 per share on June 29, 2016, damaging investors.
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