Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Antares Pharma, Inc. (“Antares” or the “Company”) (NASDAQ:ATRS) of the December 22, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Antares stock or options between December 21, 2016 and October 12, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/ATRS. There is no cost or obligation to you.
The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased Antares securities between December 21, 2016 and October 12, 2017 (the “Class Period”). The case, Smith v. Antares Pharma, Inc. et al., No. 2:17-cv-08945 was filed on October 23, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Antares had provided insufficient data to the U.S. Food and Drug Administration (“FDA”) in connection with its New Drug Application for Xyosted, the Company’s testosterone replacement drug; (2) accordingly, Antares had overstated the approval prospects for Xyosted; and (3) as a result of the foregoing, Antares’s public statements were materially false and misleading at all relevant times.
Specifically, on October 12, 2017, Antares disclosed that on October 11, 2017, the Company received a letter from the FDA stating that the agency had “identified deficiencies that preclude the continuation of the discussion of labeling and post marketing requirements/commitments” for Xyosted.
On this news, Antares’ share price fell from $3.73 per share on October 12, 2017 to a closing price of $2.32 on October 13, 2017—a $1.41 or a 37.8% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative 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. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Antares’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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