Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Recro Pharma (NASDAQ:REPH) in connection to alleged violations of securities laws by REPH. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Recro Pharma between July 31, 2017 and May 23, 2018.
The class action complaint specifically alleges that during the period in question, REPH might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, chiefly: that there was no data indicating that one of the company’s product candidates, IV meloxicam, offered enough clinical benefits to gain approval from the FDA; and that consequently the company’s statements to the public during the relevant period were false and misleading. When the company announced, on May 24, 2018, that the FDA did not approve the company’s new drug application for IV meloxicam, it disclosed that the product candidate’s effects failed to meet the administration’s expectations, and further that there were questions surrounding the drug’s data. When this news was announced, REPH declined 54.67%, or $6.79/share, to a close of $5.63/share on that day. The class-action complaint alleges that when true details emerged, investors suffered losses.
According to the company’s website, Recro Pharma is a “revenue-generating, specialty pharmaceutical company focused on products for hospitals and ambulatory care settings that is currently developing non-opioid products for the treatment of acute pain.” Its candidates are “non-addictive, non-opioid drugs,” and the company manufactures “five commercial products” in the 97,000 square-foot manufacturing facility it owns and operates. The company trades on the Nasdaq exchange under the symbol REPH.
A class action lawsuit has already been filed in connection with Recro Pharma. If you wish to serve as lead plaintiff in the REPH lawsuit, you must move the Court no later than July 30, 2018. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.