NEW YORK, NY / ACCESSWIRE / August 20, 2018 / Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Flex Pharma, Inc. ("Flex" or the "Company") (FLKS) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Flex securities between November 6, 2017 through June 12, 2018, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: http://www.bgandg.com/flks.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
On August 1, 2017, Flex announced the initiation of a Phase 2 trial, referred to as the "COMMEND" trial, to evaluate its product candidate FLX-787 with a focus on treatment for amyotrophic lateral sclerosis ("ALS"). On October 16, 2017, Flex announced the initiation of a second Phase 2 trial, referred to as the "COMMIT" trial, to evaluate FLX-787 in patients with Charcot-Marie-Tooth disease ("CMT").
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Flex overstated the viability and approval prospects for its product candidate FLX-787 for the treatment of ALS and CMT; and (2) as a result, Flex's public statements were materially false and misleading at all relevant times.
On June 13, 2018, Flex announced that it planned to halt both the COMMEND and the COMMIT trials, citing oral tolerability concerns observed in both studies. Flex also said that it will restructure its organization to reduce costs, including reducing its workforce by approximately 60%, and that Flex Pharma's Board is exploring "strategic alternatives, including the potential sale or merger of the company." Following this news, Flex stock dropped $3.14 per share, or 75.12%, to close at $1.04 on June 13, 2018.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/flks or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Flex you have until August 20, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes
Bronstein, Gewirtz & Grossman, LLC
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SOURCE: Bronstein, Gewirtz & Grossman, LLC