SAN DIEGO and CAMBRIDGE, Mass., Jan. 22, 2014 /PRNewswire/ -- Shareholder rights law firm Robbins Arroyo LLP announces that an investor of Aegerion Pharmaceuticals, Inc. (AEGR) has filed a federal securities fraud class action complaint in the U.S. District Court, District of Massachusetts. The complaint alleges that the company and certain of its officers violated the Securities and Exchange Act of 1934 between March 15, 2012 and January 9, 2014 (the "Class Period"). Aegerion is a biopharmaceutical company that develops and commercializes novel therapeutics to treat debilitating and fatal rare diseases in the United States.
Aegerion Accused of Misbranding JUXTAPID
According to the complaint, shares of Aegerion fell $7.98 per share, or approximately 11%, to close at $65.77 per share on January 10, 2014, after Aegerion received a subpoena from the U.S. Department of Justice requesting documents regarding the marketing and sale of JUXTAPID, a lipid-lowering capsule for patients with homozygous familial hypercholesterolemia. The Department of Justice's subpoena succeeded a U.S. Food and Drug Administration warning letter to the company accusing Chief Executive Officer Marc Beer of misbranding JUXTAPID during his appearances on CNBC's "Fast Money." Specifically, the FDA letter claims Beer: (i) violated the Food, Drug, and Cosmetic Act by stating that JUXTAPID could be used as a treatment for a rare genetic disease and heart conditions, uses not approved by the FDA; and (ii) failed to disclose the potentially serious side effects from the drug.
The complaint alleges that Aegerion made false and misleading statements and failed to disclose to investors that: (i) Aegerion marketed drugs in violation of the Food, Drug, and Cosmetic Act; and (ii) as a result, the company faced heightened regulatory scrutiny by the FDA and other governmental bodies.
Aegerion Shareholders Are Encouraged to Contact Shareholder Rights Law Firm Robbins Arroyo
If you invested in Aegerion and would like to discuss your shareholder rights, please contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the information form on the firm's shareholder rights blog: www.robbinsarroyo.com/shareholders-rights-blog/aegerion-pharmaceuticals-inc.
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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