WASHINGTON--(BUSINESS WIRE)--Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether The Medicines Company (“MDCO” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
A class action lawsuit was filed in the U.S. District Court for the District of New Jersey by another law firm on behalf of purchasers of the common stock of The Medicines Company (NASDAQ: MDCO) between February 20, 2013 and February 12, 2014, inclusive (the “Class Period”).
During the Class Period one of the Company’s late stage products in development was cangrelor, which is intended to prevent platelet activation and aggregation in patients undergoing Percutaneous Coronary Interventions (“PCI”) such as angioplasties. The Company conducted a series of three CHAMPION trials, including CHAMPION PCI, CHAMPION PLATFORM and CHAMPION PHOENIX, to test the efficacy and safety of the product to decrease thrombotic events, such as blood clots, either during or after PCI. The CHAMPION PHOENIX trial tested the efficacy of cangrelor as compared to clopidogrel, a competing drug manufactured by Bristol Myers Squibb and Sanofi, under the trade name Plavix.
The complaint alleges that MDCO and certain of its officers and directors (“Defendants”) “touted the results” of the CHAMPION trials, claiming “statistically significant” results which had met the trials’ primary endpoints.” Regarding the CHAMPION PHOENIX trial, Defendants claimed that the trial demonstrated that the use of both cangrelor and Plavix significantly reduced thrombotic events within 48 hours of PCI when compared to the use of Plavix alone. Plaintiff further alleges that Defendants misrepresented and/or failed to disclose that: (1) cangrelor did not show superiority versus Plavix; (2) the clinical trials sponsored by the Company were unethically and inappropriately conducted, including by delaying the administration of Plavix and lowering the Plavix dosage of patients in the control arm; (3) as a result of the foregoing, Defendants’ Class Period statements were materially false and misleading.
The case was brought following the drop in MDCO shares after the February 10, 2014 release of FDA briefing documents regarding the vote by the FDA’s Cardiovascular and Renal Drugs Advisory Committee (“CRDAC”), which raised questions about and criticized the ethicality and other aspects of the conduct of the MDCO’s clinical trial for cangrelor. MDCO shares fell from $34.22 to $32.42 on February 10. On February 13, CRDAC voted 7-2 against recommending approval of cangrelor. The price of MDCO shares fell from $33.10 to $29.28 when trading resumed after the CRDAC vote on February 13.
Cohen Milstein encourages all investors who purchased The Medicines Company common stock between February 20, 2013 and February 12, 2014, or former employees with information concerning this matter to contact the firm.
If you are a shareholder of The Medicines Company and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at firstname.lastname@example.org. If you wish to serve as lead plaintiff, you must move the Court no later than April 22, 2014 to request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may retain Cohen Milstein Sellers & Toll PLLC or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein Sellers & Toll PLLC has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York, Chicago, Philadelphia and Palm Beach Gardens, and is active in major litigation pending in federal and state courts throughout the nation.
The firm’s reputation for excellence has repeatedly been recognized by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen Milstein Sellers & Toll PLLC has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over one billion dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
West Tower, Suite 500
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: email@example.com; firstname.lastname@example.org