Anthera Pharmaceuticals, Inc.
Class Period: Feb 10, 2015 to Dec 27, 2016
Lead Plaintiff Deadline: Apr 17, 2017
Summary of Case:
A securities class action has been filed against Anthera Pharmaceuticals, Inc. (ANTH) on behalf of all persons who purchased or otherwise acquired Anthera securities between February 10, 2015 through Dec 27, 2016. This case has been filed in the USDC - California (Northern).
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations and compliance. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) patients were not improving in the CHABLIS-SC1 clinical trial; and (2) there were dosing problems inherent in the Solution study design that created challenges to obtaining responses.
On November 10, 2016, prior to the market opening, the Company issued a press release announcing that the CHABLIS-SC1 clinical trial with blisibimod for the treatment of systematic lupub erythematosus failed to meet its primary endpoint. Defendantsfurther revealed that the trial's structure likely hindered the results by not allowing some patients to increase their dosage during the testing. As some analysts have stated, while the drug was billed as a selective antagonist of BAFF, that intended purpose "doesn't look like it holds much water." Accordingly, Defendants would likely abandon the trial. Upon this news, Anthera's closing share price fell approximately 32% from $2.78 on November 9, 2016, to $1.90 on November 10, 2016.
The following month, on December 27, 2016, the Company issued another press release, announcing the Solution clinical study in cystic fibrosis patients with EPI missed the CFA non-inferiority margin of the primary modified Intent to Treat. On this news,Anthera's closing share price fell approximately 63% from $2.01 per share on December 27, 2016 to $0.74 per share on December 28, 2016.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.