Robbins Umeda LLP Announces the Filing of a Class Action Suit Against AEterna Zentaris, Inc.
Robbins Umeda LLP announces the filing of a federal securities class action by an investor in the U.S. District Court for the Southern District of New York, on behalf of purchasers of AEterna Zentaris, Inc. (NASDAQ: AEZS) (“AEterna” or the “Company”) shares between February 3, 2010 and April 1, 2012 (the “Class Period”).
The complaint alleges that AEterna and certain of its executive officers issued false or misleading statements concerning the Company’s business and financial prospects. Specifically, it is alleged that defendants misrepresented and/or failed to accurately disclose material information about the prospects of perifosine, its development-stage colon cancer drug.
On April 2, 2012, shares of AEterna plummeted after the Company announced that phase 3 clinical trials showed that perifosine administered with capecitabine was no more effective than capecitabine administered with a placebo in patients with refractory advanced colorectal cancer. Following the emergence of these facts, shares of AEterna lost approximately 67% of their value. After closing at $2.14 per share on March 30, 2012, shares of AEterna common stock closed on April 2, 2012 at just $0.73 per share.
If you purchased or otherwise acquired AEterna stock during the Class Period and wish to serve as lead plaintiff, you must move the Court no later than August 14, 2012. To discuss this action or if you have any questions concerning this notice or your rights or interests, please contact Gregory E. Del Gaizo, Esq. of Robbins Umeda LLP at 800-350-6003 or via the shareholder information form.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.