A lawsuit was filed for shareholders in Zafgen Inc (NASDAQ:ZFGN) shares over alleged securities laws violations and NASDAQ:ZFGN investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 11/09/2015 -- A shareholder in NASDAQ:ZFGN shares filed a lawsuit over alleged violations of Federal Securities Laws by Zafgen Inc in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Zafgen Inc (NASDAQ:ZFGN) have certain options and for certain investors are short and strict deadlines running. Deadline: December 21, 2015. NASDAQ:ZFGN investors should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The plaintiff alleges on behalf of purchasers of Zafgen Inc (NASDAQ:ZFGN) common shares between January 12, 2015 and October 16, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that until October 16, 2015, Zafgen had never disclosed any other thrombotic adverse events related to beloranib.
On October 14, 2015, Zafgen Inc issued a statement acknowledging the death of a patient in its ongoing double-blind, randomized, placebo-controlled Phase 3 bestPWS study of beloranib in Prader-Willi Syndrome.
The plaintiff claims that Zafgen Inc failed to disclose, however, that the patient was receiving beloranib (i.e., not a placebo) and failed to disclose anything about thrombotic events in prior clinical trials.
On October 15, 2015, the Food and Drug Administration ('FDA") informed Zafgen Inc that beloranib has been placed on partial clinical hold.
On October 16, 2015 Zafgen Inc announced that it received verbal notice on October 15, 2105 from theFDA that beloranib has been placed on partial clinical hold and that this partial clinical hold impacts ongoing or planned clinical trials, including ZAF-311 and ZAF-312. Zafgen Inc said that a partial clinical hold is an order that the FDA issues to delay or suspend part of a sponsor's clinical work requested under its investigational new drug (IND) application.
Shares of Zafgen Inc (NASDAQ:ZFGN) declined to as low as $10.90 per share on October 14, 2015, respectively $10.06 per share on October 16, 2015.
On October 22, 2015 Zafgen Inc announced a clinical update for beloranib, the Company's lead MetAP2 inhibitor product candidate. Zafgen Inc said that after review of its ongoing clinical trials, Zafgen Inc has elected to proceed with efficacy and safety data analysis and close the randomized portion of its Phase 3 ZAF-311 clinical trial of beloranib in patients with Prader-Willi syndrome (PWS) and its ZAF-203 Phase 2b clinical trial of beloranib in patients with severe obesity complicated by type 2 diabetes.
On November 6, 2015, NASDAQ:ZFGN shares closed at $11.66 per share.
Those who purchased shares of Zafgen Inc (NASDAQ:ZFGN) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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