LOS ANGELES, Aug. 30, 2019 (GLOBE NEWSWIRE) -- The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Acer Therapeutics Inc. (“Acer” or “the Company”) (NASDAQ: ACER) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's shares between September 25, 2017 and June 24, 2019, inclusive (the ''Class Period''), are encouraged to contact the firm before August 30, 2019.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at email@example.com.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Acer failed to develop sufficient data for a New Drug Application (“NDA”) with the FDA for its drug, EDSIVO, for the treatment of vEDS. The Company’s NDA relied on the Ong Trial, a 2004 study considered inadequate by the FDA’s standards, and included a group size too small to support the EDSIVO application. Based on the insufficient data and reliance on an inappropriate study, the FDA rejected Acer’s NDA. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Acer, investors suffered damages.
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