WILMINGTON, Del.--(BUSINESS WIRE)--Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Pacira Pharmaceuticals, Inc. (NASDAQ GS: PCRX)?
- Did you purchase your shares before April 9, 2012, or between April 9, 2012 and September 24, 2014, inclusive?
- Did you lose money in your investment in Pacira Pharmaceuticals, Inc.?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A., including former Special Assistant United States Attorney, Timothy J. MacFall, announces that a complaint has been filed in the United States District Court for the District of New Jersey on behalf of all persons or entities that purchased the common stock of Pacira Pharmaceuticals, Inc. (“Pacira” or the “Company”) (NASDAQ GS: PCRX) between April 9, 2012 and September 24, 2014, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Pacira during the Class Period, or purchased shares prior to the Class Period and still hold Pacira, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to email@example.com; or at: http://www.rigrodskylong.com/investigations/pacira-pharmaceuticals-inc-pcrx.
Pacira is a specialty pharmaceutical company focused on the development, commercialization and manufacture of pharmaceutical products for use primarily in hospitals and ambulatory surgery centers. The Company’s lead product candidate is EXPAREL® (“Exparel”), a liposome injection of bupivacaine, an amide-type local anesthetic indicated for infiltration into the surgical site to produce postsurgical analgesia for up to 72 hours. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) the Company was overstating the efficacy of its Exparel drug; (2) the Company was improperly promoting its Exparel drug by touting its ability to be effective for up to 72 hours, when in fact, it is approved only for 24 hours of pain relief; (3) the Company improperly claimed that Exparel is safe for use in cholecystectomy and colectomy procedures, when in fact, its approved labeling does not provide instructions for, or indicate that Exparel will be safe and effective for, postsurgical pain, if used in surgical procedures other than hemorrhoidectomy or bunionectomy; (4) a substantial portion of the Company’s revenues were derived from off label marketing; and (5) and as a result of the above, the Company’s financial statements were materially false and misleading at all relevant times. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on September 25, 2014, the Company announced that it received a Warning Letter from the U.S. Food and Drug Administration’s (FDA) Office of Prescription Drug Promotion (OPDP) referencing certain promotional materials on Exparel.
On this news, shares in Pacira fell almost 11%, closing at $94.62 per share on September 25, 2014, on unusually heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than December 2, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed 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.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
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