LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased Inotek Pharmaceuticals Corporation (“Inotek” or the “Company”) (NASDAQ: ITEK) securities between July 23, 2015 and December 30, 2016, inclusive (the “Class Period”). Inotek investors have until March 7, 2017 to file a lead plaintiff motion.
Investors suffering losses on their Inotek investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to email@example.com.
On January 3, 2017, Inotek revealed that its Phase 3 trial for trabodenoson failed to reach its primary endpoint, despite prior representations by the Company regarding the efficacy of the drug and the likelihood of FDA approval. On this news, shares of Inotek fell over 70% on January 3, 2017, closing at just $1.75 per share.
The Complaint alleges that on July 23, 2015, Inotek announced its positive End of Phase 2 meeting with the U.S. Food and Drug Administration and said that Inotek is in the "final preparation stages to commence its first Phase 3 trial in 4Q and look forward to data in 2016." Inotek also announced a confident forecast of the Phase 3 trabodenoson trial, which caused its stock price to surge to $15.37 per share on July 23, 2015. Inotek's Form 10-K filing also implied that trabodenoson would be successful, stating that it upholds an impressive safety record compared to similar glaucoma treatments.
If you purchased shares of Inotek during the Class Period you may move the Court no later than March 7, 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 Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at http://glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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