PHILADELPHIA, PA / ACCESSWIRE / September 22, 2022 / Berger Montague reminds investors that a securities fraud class action lawsuit has been filed against Ampio Pharmaceuticals, Inc. ("Ampio") (NYSE American:AMPE) on behalf of those who purchased Ampio securities between December 29, 2020 and August 3, 2022 (the "Class Period").
Investor Deadline: Investors who purchased or acquired Ampio securities during the Class Period may, no later than October 17, 2022, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at [email protected] or (215) 875-3093, or Andrew Abramowitz at [email protected] or (215) 875-3015 or visit: https://investigations.bergermontague.com/ampio-pharmaceuticals-inc/
The action arises out of Ampio's misstatements regarding the ability of Ampio, its lead product, to treat individuals with inflammatory conditions including, but not limited to, severe osteoarthritis of the knee. Beginning in 2010 until approximately March 2022, Ampio conducted numerous clinical trials and analyses to determine Ampio's efficacy. The complaint alleges that the Company represented that Ampio had demonstrated statistically significant decrease in pain associated with osteoarthritis of the knee.
The truth began to emerge on May 16, 2022, when Ampio announced it had formed a special committee to conduct internal investigations focusing on the statistical analysis of Ampio's AP-013 clinical trial and unauthorized provision of Ampio, which had not yet been approved by the U.S. Food and Drug Administration.
Then, on August 3, 2022, Ampio revealed that "senior staff were aware, at the time of the per-protocol interim analysis in March 2020, that the AP-103 trial did not demonstrate efficacy for Ampio on its co-primary endpoints of pain and function, and that these persons did not fully report the results of the AP-103 trial and the timing of unblinding of data from the AP-103 trial." Following this news, Ampio's share price dropped $0.06, or 35.38%, from the previous day's closing price.
The complaint alleges that throughout the Class Period, the defendants: (i) inflated Ampio's true ability to successfully file a Biologics License Application for Ampio; (ii) inflated the results of the AP-013 study and the timing of unblinding the data from the AP-013 study; and (iii) that, as a result, of the foregoing, the defendants' statements about Ampio's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Whistleblowers: Anyone with non-public information regarding Ampio is encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
James Maro, Senior Counsel
Andrew Abramowitz, Senior Counsel
SOURCE: Berger Montague