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New York, New York--(Newsfile Corp. - December 17, 2019) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE) ("Zynerba" or the "Company") of the December 23, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
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If you invested in Zynerba stock or options between March 11, 2019 and September 17, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/ZYNE. 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 Eastern District of Pennsylvania on behalf of all those who purchased Zynerba securities between March 11, 2019 and September 17, 2019 (the "Class Period"). The case, Velayos v. Zynerba Pharmaceuticals, Inc. et al., No. 19-cv-04959 was filed on October 23, 2019, and has been assigned to Judge Nitza I. Quinones Alejandro.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Zygel was proving unsafe and not well-tolerated in the BELIEVE 1 Trial; (2) the foregoing created a foreseeable, heightened risk that Zynerba would fail to secure the necessary regulatory approvals for commercializing Zygel for the treatment of developmental and epileptic encephalopathies ("DEE") in children and adolescents; and (3) as a result, the Company's public statements were materially false and misleading at all relevant times.
On September 18, 2019, during pre-market hours, Zynerba issued a press release announcing results from the BELIEVE 1 Trial evaluating topical gel Zygel in children and adolescents with DEE. While Zynerba asserted that Zygel was well-tolerated in the September 2019 Press Release, it also disclosed that, among patients enrolled in the BELIEVE 1 Trial, the rate of treatment emergent adverse event ("TEAEs") was 96%, the rate of treatment related adverse events ("TRAEs") was 60%, and there were ten patients who reported serious adverse events ("SAEs"), of which, "two SAEs (lower respiratory tract infection and status epilepticus) were determined to be possibly related to treatment."
On this news, Zynerba's stock price fell from $11.30 per share on September 17, 2019 to $8.84 per share on September 18, 2019-a $2.46 or 21.77% 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 Zynerba's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/50845