Ampio Pharmaceuticals, Inc. (AMPE) is Accused of Misrepresenting the Efficacy of its Drug AmpionĀ®
Robbins LLP filed a class action lawsuit on August 17, 2022, in the U.S. District Court for the District of Colorado (the “Court”) on behalf of all persons who purchased or otherwise acquired Ampio Pharmaceuticals, Inc. (“Ampio”) (NYSE American: AMPE) common stock between December 29, 2020 and August 3, 2022 (the “Class Period”) against the Company and certain of the Company’s senior executives, for among other things, violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and U.S. Securities and Exchange Commission Rule 10b-5, promulgated thereunder. The complaint seeks relief on behalf of the named plaintiff and all other similarly situated holders of Ampio during the Class Period. The named plaintiff is represented by Robbins LLP.
The action arises out of the Company’s misstatements regarding the ability of Ampion, its lead product, to treat individuals with inflammatory conditions including, but not limited to, severe osteoarthritis of the knee (“OAK”). Beginning in 2010 until approximately March 2022, Ampio conducted numerous clinical trials and analyses to determine Ampion’s efficacy. Despite confidentially advertising on numerous occasions that Ampion demonstrated statistically significant decrease in pain associated in symptomatic moderate-severe OAK, the Company failed to bring Ampion to market. On May 16, 2022, the Company announced it had formed a special committee to conduct internal investigations focusing on the statistical analysis of Ampio’s AP-013 clinical trial and unauthorized provision of Ampion, which had not yet been approved by the U.S. Food and Drug Administration. Then, on August 3, 2022, Ampio revealed that “senior staff were aware, at the time of the per-protocol interim analysis in March 2020, that the AP-013 trial did not demonstrate efficacy for Ampion on its co-primary endpoints of pain and function, and that these persons did not fully report the results of the AP-013 trial and the timing of unblinding of data from the AP-013 trial.” On this news, the Company’s share price dropped more than 35% from its previous day’s closing.
Next Steps: If you purchased or otherwise acquired Ampio Pharmaceuticals, Inc. between December 29, 2020 and August 3, 2022, and wish to serve as lead plaintiff, you have up to October 17, 2022, to ask the court to appoint you as the lead plaintiff for the class. Any member of the Class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent Class member.
