Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Aegerion Pharmaceuticals, Inc.

Business Wire

WILMINGTON, Del.--(BUSINESS WIRE)--

Rigrodsky & Long, P.A.:

  • Do you, or did you, own shares of Aegerion Pharmaceuticals, Inc. (NASDAQ GS: AEGR)?
  • Did you purchase your shares before March 15, 2012, or between March 15, 2012 and January 9, 2014, inclusive?
  • Did you lose money in your investment in Aegerion Pharmaceuticals, Inc.?
  • Do you want to discuss your rights?

Rigrodsky & Long, P.A., including former Special Assistant United States Attorney, Timothy J. MacFall, announces that a complaint has been filed in the United States District Court for the District of Massachusetts on behalf of all persons or entities that purchased the common stock of Aegerion Pharmaceuticals, Inc. (“Aegerion” or the “Company”) (NASDAQ GS: AEGR) between March 15, 2012 and January 9, 2014, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).

If you purchased shares of Aegerion during the Class Period, or purchased shares prior to the Class Period and still hold Aegerion, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to info@rl-legal.com, or at: http://www.rigrodskylong.com/investigations/aegerion-pharmaceuticals-inc-aegr.

Aegerion is a biopharmaceutical company dedicated to the development and commercialization of novel, life-altering therapies for patients with debilitating, often fatal, rare diseases. The Company’s products include JUXTAPID (lomitapide) capsules, an adjunct to a low-fat diet and other lipid-lowering treatments in patients with homozygous familial hypercholesterolemia. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (i) the Company marketed its drugs in violation of the Federal Food, Drug and Cosmetic Act (“FDCA”); (ii) as a result, the Company faced heightened regulatory scrutiny by the U.S. Food and Drug Administration (“FDA”) and other governmental bodies; and (iii) as a result of the foregoing, Aegerion’s statements were materially false and misleading at all relevant times. As a result of defendants’ false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period. Moreover, during the Class Period, Company insiders sold large quantities of shares of the Company stock at artificially inflated prices, benefiting from their fraud.

According to the Complaint, on November 8, 2013, news reports revealed that the Company received an FDA Warning Letter (the “Warning Letter”) in connection with statements the Company’s Chief Executive Officer (“CEO”) made regarding JUXTAPID capsules during broadcast interviews on CNBC’s television show, “Fast Money.” The Warning Letter stated that Aegerion’s CEO made public statements which “provide evidence that Juxtapid is intended for new uses, for which it lacks approval and for which its labeling does not provide adequate directions for use, which renders Juxtapid misbranded within the meaning of the Federal Food Drug and Cosmetic Act . . . and makes its distribution violative of the FDCA.” Then, on January 10, 2014, the Company received a subpoena from the U.S. Department of Justice requesting documents regarding its marketing and sale of JUXTAPID.

On this news, shares in Aegerion dropped more than 10%, closing at $65.77 per share on January 10, 2014, on unusually heavy trading volume.

If you wish to serve as lead plaintiff, you must move the Court no later than March 17, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed 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.

While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

Attorney advertising. Prior results do not guarantee a similar outcome.

Contact:
Rigrodsky & Long, P.A.
Timothy J. MacFall, Esquire
Peter Allocco
888-969-4242
516-683-3516
Fax: 302-654-7530
info@rl-legal.com
http://www.rigrodskylong.com

Rates

View Comments (0)