SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of purchasers of the common stock of Esperion Therapeutics, Inc. (“Esperion” or the “Company”) (Nasdaq: ESPR) between August 18, 2015 and September 28, 2015, inclusive (the “Class Period”).
If you purchased Esperion common stock during the Class Period, you may move the Court for appointment as lead plaintiff no later than March 14, 2016. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Esperion investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Esperion Class Action Litigation
Esperion is a pharmaceutical company focused on the development and commercialization of oral low-density lipoprotein cholesterol (“LDL-cholesterol”) lowering therapies for patients with hypercholesterolemia. Esperion’s lead product candidate is ETC-1002, a once-daily small molecule designed to lower LDL-cholesterol levels while avoiding the side effects associated with other LDL-cholesterol lowering therapies on the market.
The action alleges that during the Class Period, defendants issued false and misleading statements and failed to disclose adverse information regarding Esperion’s business and prospects, including that there was no clear path to approval for ETC-1002, and that the U.S. Food and Drug Administration (“FDA”) had encouraged the Company to initiate a cardiovascular outcomes trial (“CVOT”) and that completion of a CVOT could be necessary prior to approval of ETC-1002.
On August 17, 2015 Esperion disclosed material events from a meeting with the FDA earlier that month about the future of ETC-1002. The Company claimed that they were told that no CVOT would be necessary for the approval of ETC-1002 and that there was a “clear regulatory path forward for development and approval of ETC - 1002.”
On September 28, 2015, Esperion disclosed the truth about the August 2015 meeting with the FDA, admitting that the FDA encouraged Esperion to complete a CVOT and that it may be necessary to have a completed CVOT for the drug’s approval. Following this news, the price of Esperion common stock fell $16.76 per share, or 47.7%, from its closing price on September 28, 2015, to close at $18.33 on September 29, 2015, on heavy trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Seattle, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for thirteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Best Lawyers and U.S. News have named Lieff Cabraser as a “Law Firm of the Year” for each year the publications have given this award to law firms.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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