NEW YORK, NY / ACCESSWIRE / August 28, 2019 / Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Acer Therapeutics Inc. (“Acer” or the “Company”) (NASDAQ:ACER) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Acer securities purchased between September 25, 2017 and June 24, 2019, inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/acer.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws.
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Acer lacked sufficient data to support filing EDSIVO’s NDA with the FDA for the treatment of vEDS; (2) the Ong Trial was an inadequate and ill-controlled clinical study by FDA standards, and was comprised of an insufficiently small group size to support EDSIVO’s NDA; (3) consequently, the FDA would likely reject EDSIVO’s NDA; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On June 25, 2019, Acer issued a press release titled “Acer Therapeutics Receives Complete Response Letter from U.S. FDA for use of EDSIVO™ (celiprolol) in vEDS Patients” (the “June 2019 Press Release”). In the June 2019 Press Release, Acer disclosed receipt of a Complete Response Letter (“CRL”) from the FDA regarding its NDA for EDSIVO for the treatment of vEDS. Acer advised investors that “[t]he CRL states that it will be necessary to conduct an adequate and well-controlled trial to determine whether celiprolol reduces the risk of clinical events in patients with vEDS” and that “Acer plans to request a meeting to discuss the FDA’s response.” That same day, news sources reported that the small group size of the Ong Trial had raised questions among experts about the adequacy of EDSIVO’s trial results. Following this news, Acer’s stock price fell $15.16 per share, or 78.63%, to close at $4.12 per share on June 25, 2019.
If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/acer or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Acer you have until August 30, 2019 to request that the Court appoint you as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
SOURCE: Bronstein, Gewirtz & Grossman, LLC