BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Alcobra Ltd. (“Alcobra” or the “Company”) (NASDAQ: ADHD) securities between August 13, 2015 and January 17, 2016, inclusive (the “Class Period”). Alcobra investors have until April 18, 2017 to file a lead plaintiff motion.
Investors suffering losses on their Alcobra investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
Alcobra is a biopharmaceutical company that focuses on the development and commercialization of oral drug candidates.
On January 17, 2017, Alcobra disclosed that the Company's attention deficit hyperactivity disorder drug, Metadoxine Extended Release, did not satisfy its primary endpoint in a Phase 3 trial.
On this news, Alcobra stock fell over 50%, to close at just $0.94 per share on January 17, 2017.
The complaint filed in this class action lawsuit alleges that defendants caused the Company to issue materially misleading statements and/or omit material information concerning the Company's second Phase III study for MDX in adults with attention deficit hyperactivity disorder ("ADHD"), the "MDX Evaluation in Adults – Study of Response and Efficacy," or the "MEASURE" study. The complaint alleges these misstatements and omissions by Alcobra violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
If you purchased shares of Alcobra during the Class Period you may move the Court no later than April 18, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. 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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