An investigation on behalf of current long term investors in Insmed Incorporated (NASDAQ:INSM) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NASDAQ:INSM stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 11/08/2016 -- An investigation on behalf of investors in shares of Insmed Incorporated (NASDAQ:INSM) concerning potential breaches of fiduciary duties by certain directors of Insmed Incorporated was announced.
Investors who are current long term investors in Insmed Incorporated (NASDAQ:INSM) shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The investigation by a law firm for current long term investors in NASDAQ:INSM stocks follows a lawsuit filed recently against Insmed Incorporated over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:INSM stocks, concerns whether certain Insmed Incorporated directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the District of New Jersey the plaintiff alleges that the defendants issued allegedly false and misleading statements to investors and/or failed to disclose that the data on which Insmed's European marketing authorization application for Arikayce, Insmed's lead product candidate, relied was not likely to support approval by the European Medicines Agency ("EMA") for the treatment of nontuberculous mycobacteria ("NTM") lung disease, that Arikayce's approval by the EMA for the treatment of NTM lung disease and subsequent commercialization in Europe were thus less likely and/or imminent than Insmed had led investors to believe, and that as a result, defendants' statements about Insmed's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.. When the true details entered the market, the lawsuit claims that investors suffered damages.
On June 8, 2016, post-market, Insmed Incorporated announced that it had withdrawn a European marketing application submitted to the European Medicines Agency for its lung disease drug Arikayce. Insmed Incorporated stated that the marketing application was based on data from a mid-stage clinical study that didn't support enough evidence for an approval from the European Medicines Agency. Insmed Incorporated stated that the Company will resubmit the application when data is available from a later study.
Shares of Insmed Incorporated (NASDAQ:INSM) declined to $9.95 per share on June 9, 2016.
On November 7, 2016, NASDAQ:INSM shares closed at $11.77 per share.
Those who purchased shares of Insmed Incorporated have certain options and should contact the Shareholders Foundation.
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