LEAD PLAINTIFF DEADLINE ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Acer Therapeutics Inc. To Contact The Firm
NEW YORK, NY / ACCESSWIRE / July 31, 2019 / Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Acer Therapeutics Inc. (“Acer” or the “Company”) (NASDAQ:ACER) of the August 30, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Acer stock or options between September 25, 2017 and June 24, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/ACER. There is no cost or obligation to you.
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 firstname.lastname@example.org.
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The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Acer securities between September 25, 2017 and June 24, 2019 (the “Class Period”). The case, Sell v. Acer Therapeutics Inc. et al., No. 19-cv-06137 was filed on July 1, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Acer lacked sufficient data to support filing EDSIVO’s Non-Drug Application (“NDA”) with the Food and Drug Administration (“FDA”) for the treatment of vascular Ehlers-Danlos syndrome (“vEDS”); (2) the Ong Trial was an inadequate and ill-controlled clinical study by FDA standards, and was comprised of an insufficiently small group size to support EDSIVO’s NDA; (3) consequently, the FDA would likely reject EDSIVO’s NDA; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On June 25, 2019, Acer issued a press release disclosing that the FDA had rejected the Company’s NDA for EDSIVO. That same day, Reuters published an article titled “FDA declines to approve Acer Therapeutics’ rare genetic disorder treatment.” In discussing the FDA’s rejection of the Company’s FDA, the Reuters article noted, among other things, how “[t]he small group size” of the Ong Trial had “raised questions among experts about the adequacy of the trial results.”
On this news, Acer’s stock price fell from $19.28 per share on June 24, 2019 to $4.12 per share on June 25, 2019-a $15.16 or 78.63% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who 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 to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Acer’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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SOURCE: Faruqi & Faruqi, LLP