NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in SCYNEXIS, Inc. (“SCYNEXIS” or the “Company”) (NASDAQ:SCYX) of the May 8, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased SCYNEXIS securities in connection with the Company’s initial public offering on or about May 2, 2014 (the “IPO”); and/or between May 2, 2014 and March 2, 2017 (the “Class Period”). The case, GIBSON v. SCYNEXIS, INC. et al, 2:17-cv-01565 was filed on March 8, 2017, and has been assigned to Judge Katharine Sweeney Hayden.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) SCYNEXIS’ lead product candidate, SCY-078, entailed substantial undisclosed health and safety risks; (ii) consequently, the Company had overstated the drug’s approval prospectus and/or commercial viability; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Specifically, after market close on March 2, 2017, SCYNEXIS announced that the Food and Drug Administration (“FDA”) had placed a clinical hold on clinical trials for the intravenous formulation of the Company's lead product candidate SCY-078.
On this news, SCYNEXIS’ share price fell from $3.27 per share on March 2, 2017 to a closing price of $2.70 on March 3, 2017—a $0.57 or a 17.43% drop.
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If you invested in SCYNEXIS securities pursuant to the IPO and/or Class Period and would like to discuss your legal rights, visit www.faruqilaw.com/SCYX. You can also contact us by calling Richard Gonnello toll-free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding SCYNEXIS’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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