Robbins LLP Is Investigating the Officers and Directors of Carbylan Therapeutics, Inc. (CBYL) on Behalf of Shareholders
Robbins LLP is investigating whether certain officers and directors of Carbylan Therapeutics, Inc. (NASDAQGM: CBYL) violated federal securities laws in connection with its initial public offering (“IPO”). Carbylan is a specialty pharmaceutical company that develops and commercializes novel and proprietary combination therapies.
Carbylan Issues Potentially Misleading Registration Statement
On April 9, 2015, Carbylan held its IPO, selling 13 million shares of stock at $5.00 per share, raising $65 million in new capital. However, Carbylan’s representations about its business metrics and financial prospects in its Registration Statement may have been misleading. Since the IPO, Carbylan’s stock has fallen drastically from its $9.22 high on June 8, 2015 to close at only $0.45 per share on September 27, 2016.
On February 1, 2016, Carbylan’s stock lost nearly 50% of its value after announcing top-line results from a Phase 3 trial of COR1.1. Then, on April 15, 2016, Carbylan announced that it was suspending further clinical development of its pain relief product, Hydros–TA, and it was actively pursuing a merger or acquisition of the company. In conjunction with its plan, Carbylan announced an immediate reduction in its workforce of 14 of its current 17 employees to preserve capital and further streamline the company’s operations in preparation for the strategic transaction.
Carbylan Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.