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Sarepta Therapeutics, Inc. Message Board

  • nasdtechanalyst nasdtechanalyst Jan 28, 2014 7:34 AM Flag

    Premarket ASK down to $23.50 -- Investors are not sure if Management really lied or not ! Jury will decide...

    as per the lawsuit
    shareholder class actions, announces the filing of the first securities class action lawsuit against Sarepta Therapeutics, Inc. ("Sarepta"), as filed in the United States District Court for the District of Massachusetts. The complaint alleges violations of federal securities laws; more specifically, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of materially false or misleading statements surrounding its disease-modifying drug, eteplirsen, which is used in the treatment of Duchenne muscular dystrophy or DMD. These statements had the effect of artificially inflating the market price of Sarepta's stock during the period of July 24, 2013 through and including November 12, 2013 (the "Class Period").

    During this Class Period, it is alleged that Sarepta issued a series of multiple statements concerning, among other things: (1) the prospects of the Food and Drug Administration's ("FDA") acceptance for consideration of a New Drug Application ("NDA") for eteplirsen based on Sarepta's Phase IIb study data set, and (2) the significance of that data set. However, during a meeting on November 12, 2013, the FDA informed Sarepta that its announced, anticipated NDA filing for eteplirsen was premature. On this negative news, Sarepta's stock price fell $23.40, a decline of 64%, from its closing price of $36.56 per share on November 11, 2013, to $13.16 per share on November 12, 2013, on extraordinary volume

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