SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Insmed Incorporated of Class ...
30 Juillet 2016 - 2:00AM
Pomerantz LLP announces that a class action lawsuit has been filed
against Insmed Incorporated (“Insmed” or the “Company”)
(NASDAQ:INSM) and certain of its officers. The class
action, filed in United States District Court District of New
Jersey, is on behalf of a class consisting of all persons or
entities who purchased or otherwise acquired Insmed securities
between March 18, 2013 and June 8, 2016 inclusive (the “Class
Period”). This class action seeks to recover damages against
Defendants for alleged violations of the federal securities laws
under the Securities Exchange Act of 1934 (the “Exchange
Act”).
If you are a shareholder who purchased Insmed
securities during the Class Period, you have until September 13,
2016 to ask the Court to appoint you as Lead Plaintiff for the
class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact Robert
S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or
888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail
are encouraged to include their mailing address, telephone number,
and number of shares purchased.
[Click here to join this class action]
Insmed, a biopharmaceutical company, focuses on
the development and commercialization of inhaled therapies for
patients with serious lung diseases. The Company’s lead product
candidate is Arikayce, or liposomal amikacin, for inhalation, a
formulation of amikacin. Arikayce is in late-stage clinical
development for treatment of nontuberculous mycobacteria (“NTM”)
lung disease.
The Complaint alleges that throughout the Class
Period, Defendants made materially false and misleading statements
regarding the Company’s business, operational and compliance
policies. Specifically, Defendants made false and/or misleading
statements and/or failed to disclose that: (i) the data on which
Insmed’s European marketing authorization application (“MAA”) for
Arikayce relied was not likely to support approval by the European
Medicines Agency (“EMA”) for the treatment of NTM lung disease;
(ii) Arikayce’s approval by the EMA for the treatment of NTM lung
disease and subsequent commercialization in Europe were thus less
likely and/or imminent than Insmed had led investors to believe;
and (iii) as a result of the foregoing, Insmed’s public statements
were materially false and misleading at all relevant
times.
On June 8, 2016, after the market closed, Insmed
announced that it had withdrawn its MAA from the EMA for Arikayce
for the treatment of NTM lung disease. The Company stated
that “During the May 2016 Committee for Medicinal Products for
Human Use (CHMP) meeting, the CHMP indicated that the phase 2 study
did not provide a sufficient amount of evidence to support an
approval. Insmed intends to resubmit its MAA when clinical data
from its ongoing global phase 3 study are available.”
On this news, Insmed’s share price fell $0.99,
or 8.24%, to close at $11.02 on June 9, 2016.
The Pomerantz Firm, with offices in New York,
Chicago, Florida, and Los Angeles, is acknowledged as one of the
premier firms in the areas of corporate, securities, and antitrust
class litigation. Founded by the late Abraham L. Pomerantz, known
as the dean of the class action bar, the Pomerantz Firm pioneered
the field of securities class actions. Today, more than 80 years
later, the Pomerantz Firm continues in the tradition he
established, fighting for the rights of the victims of securities
fraud, breaches of fiduciary duty, and corporate misconduct. The
Firm has recovered numerous multimillion-dollar damages awards on
behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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