NEW YORK, April 19, 2017 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Eli Lilly and Company ("Eli Lilly" or the "Company") (NYSE: LLY). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 9980.
The investigation concerns whether Eli Lilly and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 14, 2017, Eli Lilly announced that the U.S. Food and Drug Administration ("FDA") had rejected the Company's new drug application for baricitinib, Eli Lilly's once-daily rheumatoid arthritis treatment developed in collaboration with Incyte Corporation. Eli Lilly advised investors that the FDA cited the need for additional data to "characterize safety concerns across treatment arms" and to determine "the most appropriate doses."
On this news, Eli Lilly's share price fell $3.50, or 4.08%, to close at $82.38 on April 17, 2017.
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