STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the District of Massachusetts on behalf of purchasers of Zafgen, Inc. (NasdaqGS: ZFGN) (“Zafgen” or the “Company”) common stock during the period between January 12, 2015 and October 16, 2015, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until December 21, 2015 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in Zafgen common stock purchased on or after January 12, 2015 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at email@example.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company common stock during the Class Period. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that there were more thrombotic adverse events related to beloranib during clinical studies than had been disclosed at the beginning of the Class Period.
According to the complaint, following rumors that a patient had died in an ongoing Phase 3 clinical trial of beloranib, following the Food and Drug Administration informing the Company on October 15, 2015 that beloranib has been placed on partial clinical hold, and following the Company’s October 16, 2015 disclosure that the patient who died was receiving beloranib, that there had been four thrombotic adverse events in prior clinical studies of beloranib (two more than previously reported) as well as two additional, previously undisclosed thrombotic events in ongoing studies, for a total of six thrombotic events out of 400 patients receiving beloranib compared to zero thrombotic events in the approximately 150 patients treated with a placebo, the value of Zafgen shares declined substantially.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.