NEW YORK, July 31, 2019 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Aclaris Therapeutics, Inc. ("Aclaris" or the "Company") (ACRS) of the September 30, 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 Aclaris stock or options between May 8, 2018 and June 20, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/ACRS. 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 Aclaris securities between May 8, 2018 and June 20, 2019 (the "Class Period"). The case, Rosi v. Aclaris Therapeutics, Inc., No. 1:19-cv-07118 was filed on July 30, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making materially false and/or misleading statements, as well as failing to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company's advertising materials minimized the risks and overstated the efficacy of ESKATA to generate sales; (2) that, as a result, the Company was reasonably likely to face regulatory scrutiny; and (3) that, as a result of the foregoing, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On June 20, 2019, the U.S. Food & Drug Administration ("FDA") stated that an advertisement for Aclaris's hydrogen peroxide topical solution, Eskata, "makes false or misleading claims" regarding the product's risk and efficacy.
Specifically, "a direct-to-consumer video of an interview featuring a paid Aclaris spokesperson" was "especially concerning from a public health perspective because it fails to include information regarding the serious risks associated with Eskata, which bears warnings and precautions related to the risks of serious eye disorders… in the case of exposure to the eye and severe skin reactions including scarring."
On this news, Aclaris's stock price fell from $5.11 to $4.54 over the next two trading sessions to $4.54 on June 21, 2019—a $0.57 or a 11.15% 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 Aclaris's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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