NEW YORK, Sept. 05, 2019 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Sarepta Therapeutics, Inc. (“Sarepta” or the “Company”) (SRPT) in the United States District Court for the Southern District of New York on behalf of those who purchased or acquired the securities of Sarepta between September 6, 2017 and August 19, 2019, inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.
The Complaint alleges that Defendants made materially false and misleading statements regarding Sarepta’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) golodirsen posed significant safety risks to patients; (ii) consequently, the NDA package for golodirsen’s accelerated approval was unlikely to receive FDA approval; and (iii) as a result, Sarepta’s public statements were materially false and misleading at all relevant times.
On August 19, 2019, Sarepta announced receipt of a Complete Response Letter (“CRL”) from the FDA regarding the Company’s NDA seeking accelerated approval of golodirsen for the treatment of DMD. Sarepta disclosed that “[t]he CRL generally cites two concerns: the risk of infections related to intravenous infusion ports and renal toxicity seen in pre-clinical models of golodirsen and observed following administration of other antisense oligonucleotides.” On this news, Sarepta’s stock fell from $120.31 on August 19, 2019 to $102.07 on August 20, 2019—an $18.24 or 15.16% drop.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the October 29, 2019 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at email@example.com or firstname.lastname@example.org.
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