RADNOR, PA / ACCESSWIRE / February 6, 2016 / The law firm of Kessler Topaz Meltzer & Check, LLP reminds Esperion Therapeutics, Inc. (NASDAQ: ESPR) ("Esperion" or the "Company") shareholders that a class action lawsuit has been filed on behalf of purchasers of the Company's securities between August 18, 2015 and September 28, 2015, inclusive (the "Class Period").
Esperion shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706 or at [email protected]. For additional information about this lawsuit, or to request information about this action online, please visit https://www.ktmc.com/new-cases/esperion-therapeutics-inc.
Esperion is a pharmaceutical company that focuses on developing and commercializing oral low-density lipoprotein cholesterol ("LDL-cholesterol") lowering therapies for patients with hypercholesterolemia. Esperion's lead product candidate is ETC-1002, a once-daily small molecule designed to lower LDL-cholesterol levels. By the beginning of August 2015, Esperion had completed ETC-1002's Phase 2b clinical trials and was meeting with the FDA to discuss moving forward with a Phase 3 segment of the approval process.
On August 17, 2015, Esperion issued a press release providing an "update" on its meeting with the FDA. Therein, the Company stated that it "remains on track to initiate the ETC-1002 Phase 3 development program by the end of 2015" and that, "[b]ased on feedback from the FDA, approval of ETC-1002 in the HeFH and ASCVD patient populations will not require the completion of a cardiovascular outcomes trial (CVOT)."
The shareholder class action complaint alleges that Esperion and its Chief Executive Officer made false and/or misleading statements to investors, and failed to disclose material adverse facts during the Class Period. Specifically, the complaint alleges that "what the FDA actually communicated to Defendants, which was concealed from investors until September 28, 2015, was that there was no clear path to approval for ETC-1002 and the FDA had encouraged the Company to initiate a CVOT and that completion of a CVOT could be necessary prior to approval."
As detailed in the complaint, on September 28, 2015, Esperion issued a press release "that was inconsistent with what it had earlier stated was the FDA's position concerning the CVOT. Instead of the message that the FDA did not seem concerned with a CVOT, which was conveyed in August," the September press release reported that "[f]or patients on maximally tolerated statin therapy who require additional LDL-C lowering, Esperion will plan to conduct efficacy and long-term safety trials. FDA has encouraged the Company to initiate a cardiovascular outcomes trial promptly, which would be well underway at the time of the New Drug Application submission and review, since any concern regarding the benefit/risk assessment of ETC-1002 could necessitate a completed cardiovascular outcomes trial before approval."
On this news, shares of the Company's stock declined $16.76 per share, or over 47%, to close on September 29, 2015 at $18.33 per share, on heavy trading volume.
Shareholder Reminder: Esperion shareholders who purchased their securities during the Class Period may, no later than March 14, 2016, petition the Court to be appointed as a lead plaintiff of the class. Members of the purported class may petition the Court through Kessler Topaz Meltzer & Check or other counsel, or may choose to do nothing and remain an absent class member.
A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Members of the purported class may petition the Court to be appointed as a lead plaintiff through Kessler Topaz Meltzer & Check or other counsel, or may choose to do nothing and remain an absent class member. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
SOURCE: Kessler Topaz Meltzer & Check, LLP