NEW YORK, Feb. 1, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a securities class action has been filed in the United States District Court for the District of Massachusetts on behalf of those who purchased shares of Tetraphase Pharmaceuticals, Inc. ("Tetraphase" or the "Company") (NASDAQ: TTPH), during the period between March 5, 2015 and September 9, 2015 inclusive (the "Class Period").
The complaint alleges that Tetraphase and certain inside officers issued materially false and misleading statements to investors. Specifically, throughout the class period, Tetraphase made positive statements about the efficacy and potential for its drug Eravacycline to achieve approval by the FDA, despite knowledge that a pivotal portion of its IGNITE2 phase 3 clinical trial for Eravacycline would fail to achieve its primary endpoint of statistical non-inferiority compared to the antibiotic Levofloxacin. Tetraphase reported that its annual Total Revenue declined from $10.49 million in 2013 to $9.10 million in 2014 and that its respective Net Loss increased from $29.64 million to $66.74 million. Tetraphase grew from May 2014's $8.83 per share to as high as $51.75 per share in July 2015.
On September 8, 2015, Tetraphase announced that the pivotal portion of its IGNITE2 phase 3 clinical trial of Eravacycline did not achieve its primary endpoint. Following this news, Tetraphase shares fell 80% in market value from the September 8, 2015 close of $44.78 to just $8.36 per share at September 10, 2015's closing.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint or to join this action, please visit the firm's site: http://www.bgandg.com/#!ttph/p8lx1. To discuss this action, or for any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Tetraphase you have until March 28, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
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