NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. reminds investors that a class action lawsuit has been filed in the U.S. District Court for the District of Massachusetts on behalf of all persons or entities who purchased or otherwise acquired Inotek Pharmaceuticals Corporation (NASDAQ:ITEK) securities between July 23, 2015 and December 30, 2016 (the “Class Period”). Investors have until March 7, 2017 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The Complaint alleges that throughout the Class Period, Inotek misrepresented the efficacy of its drug candidate trabodenoson – the only drug Inotek currently has in its clinical development pipeline – and its attendant capacity to receive New Drug Approval by the FDA. In particular, it is alleged that the Company made positive statements about the drug despite knowledge that the MATrX-1 Phase 3 clinical trial of trabodenoson would fail to meet its primary endpoint of statistical relevance in the reduction of intraocular pressure compared with placebo.
On January 3, 2017, Inotek announced that the Phase 3 trial of trabodenoson had failed to achieve this primary endpoint. Following this news, Inotek shares declined $4.35 per share, or over 71.3%, on January 3, 2017 to close at $1.75.
If you purchased or otherwise acquired Inotek securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact J. Brandon Walker, Esq. by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm, concentrating in commercial and securities litigation. For additional information concerning the Inotek lawsuit, please go to www.bespc.com/inotek-pharmaceuticals. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.