BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming March 7, 2017 deadline to file a lead plaintiff motion in the class action filed on behalf of a class of investors who purchased or otherwise acquired Agile Therapeutics, Inc. (“Agile” or the “Company”) (NASDAQ: AGRX) securities between March 9, 2016 and January 3, 2017, inclusive (the “Class Period”). Agile investors have until March 7, 2017 to file a lead plaintiff motion.
The complaint filed in this lawsuit alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that the Twirla contraceptive patch had an efficacy rating falling below peer group standards; (2) that over half of patients in its “Secure” Phase 3 Study discontinued the study early; (3) that the Twirla patch therefore allegedly had a slight chance of FDA approval; and (4) that, as a result of the foregoing, Defendants’ statements about Agile’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On January 3, 2017, Agile disclosed statistical information pertaining to its Phase 3 SECURE study analyzing the Company’s combined hormonal contraceptive patch Twirla. The study, which was initiated at the request of the FDA, comes after the FDA rejected Agile's initial marketing application back in 2013. The Company cited "positive top-line results" in the study, yet reported that an efficacy measure that failed to meet the standard set by other approved contraceptive patches. Additionally, 51.4% of subjects opted to discontinue the study.
On this news, Agile stock fell nearly 64% during intraday trading on January 4, 2017.
If you purchased Agile shares, you may move the Court no later than March 7, 2017 to request appointment as lead plaintiff. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
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