NEW YORK--(BUSINESS WIRE)--Pomerantz LLP announces that a class action lawsuit has been filed against Neurotrope, Inc. (“Neurotrope” or the “Company”) (NASDAQ: NTRP) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 17-cv-04313, is on behalf of a class consisting of investors who purchased or otherwise acquired Neurotrope securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Neurotrope securities between January 7, 2016 and April 28, 2017, both dates inclusive, you have until July 17, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Neurotrope is a clinical stage biopharmaceutical company specializing in the development of therapeutics to treat neurodegenerative diseases, including Alzheimer’s disease (“Alzheimer” or “AD”).
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material information concerning the efficacy of its lead product candidate, Bryostatin-1. As a result of the foregoing, Defendants’ statements about Neurotrope’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On May 1, 2017, Neurotrope issued a press release announcing “positive top-line results” of the Company’s pivotal Phase 2b trials of Bryostatin. Defendant Daniel Alkon, Neurotrope’s President and Chief Scientific Officer, characterized the results as showing “improvement in patients with moderate to severe Alzheimer’s disease.” However, the underlying trial data flatly contradicted Neurotrope’s representations of the results as positive. First, Neurotrope misleadingly omitted any statement pertaining to the efficacy of the 40 microgram dose with regard to either the primary or secondary endpoints. Moreover, the top-line data relating to 20 microgram dose of Bryostatin failed to produce results that were statistically significant.
On this news, Neurotrope’s share price fell $11.84, or 62.95%, to close at $6.97 on May 1, 2017, on heavy trading volume.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.