Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) Investor Alert: Lawsuit Alleges Misleading Statements
A lawsuit was filed on behalf of investors in Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) shares over alleged securities laws violations. Deadline: December 9, 2013. NASDAQ:ACHN investors should contact the Shareholders Foundation at email@example.com
San Diego, CA -- (SBWire) -- 10/14/2013 --An investor, who purchased shares of Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN), filed a lawsuit in the U.S. District Court for the District of Connecticut over alleged violations of Federal Securities Laws by Achillion Pharmaceuticals, Inc. in connection with certain allegedly false and misleading statements made between April 21, 2012 and September 27, 2013, including the safety and suitability of its premier investigative drug for the treatment of hepatitis, sovaprevir.
The plaintiff claims that the defendants failed to inform investors that sovaprevir did not interact well with other drugs commonly administered to treat hepatitis and/or HIV.
Investors who purchased shares of Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) between April 21, 2012 and September 27, 2013, and / or those who purchased NASDAQ:ACHN shares prior to April 2012 and currently hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: December 9, 2013. NASDAQ:BIOS investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) between April 21, 2012 and September 27, 2013, that Achillion Pharmaceuticals, Inc. and certain of its officers and directors violated federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically, the plaintiff alleges that the Company misled investors to believe that even though patients in the Company's clinical trials for sovaprevir had elevations in liver enzymes, that these liver enzymes elevations were transient and returned to baseline values and were attributable to non-drug-related factors.
On Sept. 27, 2013 Achillion Pharmaceuticals, Inc. provided an update on development of compounds in its pipeline of therapies for the treatment of chronic hepatitis C virus, or HCV. Achillion Pharmaceuticals, Inc said that on Sept. 27, 2013 it received a response from the U. S. Food and Drug Administration (”FDA”), on the clinical hold related to sovaprevir, Achillion Pharmaceuticals' NS3 protease inhibitor. Achillion Pharmaceuticals, Inc said that the FDA response indicated that, while Achillion Pharmaceuticals' submission addressed all issues noted in the FDA's June 29, 2013 letter, the FDA concluded that the removal of the clinical hold is not warranted.
Shares of Achillion Pharmaceuticals, Inc dropped from $7.40 per share on Sept. 27, 2013, to $2.40per share on Oct. 9, 2013.
On Oct. 11, 2013, NASDAQ:ACHN shares closed at $2.66 per share.
Those who purchased shares of Achillion Pharmaceuticals, Inc. have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
Media Relations Contact
Shareholders Foundation, Inc.
View this press release online at: http://rwire.com/358245