New York, New York--(Newsfile Corp. - September 13, 2019) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Sarepta Therapeutics, Inc. (NASDAQ: SRPT) ("Sarepta" or the "Company") of the October 29, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Sarepta stock or options between September 6, 2017 and August 19, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/SRPT. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Sarepta securities between September 6, 2017 and August 19, 2019 (the "Class Period"). The case, Salinger v. Sarepta Therapeutics, Inc., No.19-cv-08122 was filed on August 30, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making 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: (1) golodirsen posed significant safety risks to patients; (2) consequently, the NDA package for golodirsen's accelerated approval was unlikely to receive FDA approval; and (3) as a result, Sarepta's public statements were materially false and misleading at all relevant times.
On August 19, 2019, post-market, 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.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative 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. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Sarepta's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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