Robbins LLP: Aeterna Zentaris Inc. (AEZS) Misled Shareholders According to a Recently Filed Class Action
Robbins LLP announces that an investor of Aeterna Zentaris Inc. (NASDAQ: AEZS) 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 October 18, 2012 and November 5, 2014. Aeterna Zentaris is a specialty biopharmaceutical company that develops and commercializes novel treatments in oncology and endocrinology.
Aeterna Zentaris Is Accused of Misleading Investors
According to the complaint, shares of Aeterna Zentaris fell $0.64 per share, or nearly 50%, to close at $0.65 on November 6, 2014, after the company announced that it had received a Complete Response Letter from the U.S. Food and Drug Administration (“FDA”) refusing to approve its New Drug Application for Macrilen, an oral product used for evaluating adult growth hormone deficiency. The complaint alleges that the FDA refused to approve Macrilen, in part, because the “planned analysis of the Company’s pivotal trial did not meet its stated primary efficacy objective as agreed to in the Special Protocol Assessment agreement letter between the Company and the FDA.” Moreover, the FDA’s letter noted a lack of sufficient data to demonstrate that patients in the clinical trial had been accurately diagnosed with adult growth hormone deficiency.
The complaint further alleges that Aeterna Zentaris made false and/or misleading statements and failed to disclose material adverse facts about the company’s business, operations, and prospects that rendered the foregoing statements misleading and/or lacking a reasonable basis.
Aeterna Zentaris 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.