Zafgen, Inc. Shareholder Alert: Former SEC Attorney Willie Briscoe and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers and Directors

DALLAS--(BUSINESS WIRE)--Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed in the United States District Court for the District of Massachusetts against Zafgen, Inc. (“Zafgen”) (NASDAQ: ZFGN) and several officers and directors for acts taken during the period of January 12, 2015 to October 16, 2015 (the “Class Period”).

If you are an affected Zafgen shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at [e-mail], Patrick Powers at Powers Taylor LLP via email at [e-mail], or call toll free at [phone]. There is no cost or fee to you.

According to the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that Zafgen made misrepresentations about thrombotic adverse events in previous clinical trials of its anti-obesity drug, and leading drug candidate, beloranib. Zafgen issued a statement on October 14, 2015 acknowledging the death of a patient in its ongoing Phase 3 study of beloranib. On October 15, 2015, the Food and Drug Administration informed Zafgen that beloranib had been placed on partial clinical hold. Then on October 16, 2015, Zafgen announced that the patient who died was receiving beloranib and there had been four thrombotic adverse events in prior clinical studies of beloranib, which was two more than previously reported. Zafgen also announced two additional, previously undisclosed thrombotic events in ongoing studies. Zafgen stock dropped significantly immediately following this announcement.

The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.