NEW YORK, Nov. 28, 2016 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Cempra, Inc. ("Cempra" or the "Company") (NASDAQ:CEMP) of the January 3, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Middle District of North Carolina on behalf of all those who purchased Cempra common stock between October 22, 2015 and November 1, 2016 (the "Class Period"). The case, PASQUAL v. CEMPRA, INC. et al, No. 1:16-cv-01356 was filed on November 22, 2016, and has been assigned to Judge Thomas D. Schroeder.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that its lead product candidate, solithromycin, a pneumonia therapy drug, can cause an elevation in liver enzyme levels, a significant safety signal for hepatotoxicity.
Specifically, on November 2, 2016, the United States Food and Drug Administration ("FDA") posted on its website a preliminary review of solithromycin in which it indicated that the drug can lead to an elevation in liver enzyme levels and other potential causes of hepatotoxicity. This came as a surprise as the Company had provided fully positive reviews of the development of solithromycin.
After the announcement, Cempra's share price fell from $18.65 per share on November 1, 2016 to a closing price of $7.30 on November 2, 2016—an $11.35 or a 60.9% drop.
If you invested in Cempra common stock or options between October 22, 2015 and November 1, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/CEMP. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected] Faruqi & Faruqi, LLP also encourages anyone with information regarding Cempra's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. [email protected] Telephone: (877) 247-4292 or (212) 983-9330