Robbins LLP is Investigating Allegations that Marinus Pharmaceuticals, Inc. (MRNS) Misled Investors Regarding the Viability of its Drug Candidate
The Allegations
According to the complaint, defendants failed to disclose that (1) defendants understated the risk of failure to meet the early-stopping criteria in the RAISE trial, and (2) defendants did not disclose that a possible consequence of failing to meet the early stopping criteria in the RAISE trial would be that Marinus would stop the separate Phase 3 RAISE II trial.
On April 15, 2024, Marinus announced that the RAISE trial had not met early stopping criteria and that the Company would implement cost-saving measures. On this news, the price of Marinus stock fell $6.22 per share, or 82.7%, to close at $1.30 per share on April 15, 2024.
Then, on May 8, 2024, Marinus announced cost cutting measures, including to stop “the Phase 3 Raise II trial in RSE; future development in RSE will be assessed following review of the RAISE topline data[.]” That same day, Fierce Biotech published an article sharing that “Marinus lays off 20% of staff to steady ship after IV seizure med’s phase 3 struggles.” On this news, the price of Marinus stock fell $0.14 per share, or 8.91%, to close at $1.43 on May 8, 2024.
What Now: You may be eligible to participate in the class action against Marinus Pharmaceuticals, Inc. Shareholders who want to serve as lead plaintiff for the class must file their motions with the court by August 5, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.