Robbins LLP: Aerie Pharmaceuticals, Inc. (AERI) Misled Shareholders According to a Recently Filed Class Action
Robbins LLP announces that an investor of Aerie Pharmaceuticals, Inc. (NASDAQGM: AERI) has filed a federal securities fraud class action complaint in the U.S. District Court for the District of New Jersey. The complaint alleges that the company and certain of its officers and directors violated the Securities Exchange Act of 1934 between August 6, 2014 and April 23, 2015.
Aerie Pharmaceuticals Misrepresents Its Business Prospects
According to the complaint, defendants made materially false and misleading statements during the class period regarding the company’s lead product candidate, Rhopressa, a once-daily eye drop that reduces intraocular pressure (IOP) in patients with glaucoma or ocular hypertension. Specifically, the complaint alleges that Aerie repeatedly misrepresented the performance of Rhopressa in clinical trials compared to timolol, a twice-daily eye drop used as a comparator in glaucoma trials. As a result, Aerie common stock traded artificially high during the class period, closing as high as $35.39 on April 23, 2015.
Aerie stock declined $22.52 per share, or nearly 64%, to close at $12.87 per share on April 24, 2015, following a company issued press release reporting that Rhopressa’s Phase 3 trial “did not meet its primary efficacy endpoint of demonstrating non-inferiority of IOP lowering for once-daily Rhopressa™ compared to twice-daily timolol…”
Aerie 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.