BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action has been filed on behalf of purchasers of the securities Celladon Corporation (“Celladon” or the “Company”) (NASDAQ:CLDN), who purchased shares between July 7, 2014 and June 25, 2015, inclusive (the “Class Period”). Celladon investors have until August 31, 2015, to file a motion to serve as lead plaintiff in the class action.
Celladon is a clinical-stage biotechnology company which is focused on the development of cardiovascular gene therapy and calcium dysregulation. The Company’s lead candidate is MYDICAR to treat inadequate pumping in heart failure patients. The complaint alleges that the Company potentially misled investors regarding the design of its MYDICAR clinical trials; and otherwise misled investors regarding the successful FDA approval of MYDICAR.
On April 26, 2015, Celladon issued a press release announcing that the Company’s Phase 2b CUPID2 trial of MYDICAR did not meet its primary and secondary goals. As a result of this news, the price of Celladon stock plummeted $11.04 per share to close at $2.64 per share on April 27, 2015, a decline of 80% on volume of 32 million shares.
On June 1, 2015, Celladon issued a press release announcing the abrupt resignation of defendant Krisztina M. Zsebo (“Zsebo”) as Chief Executive Officer (“CEO”) and a director.
Then, on June 26, 2015, before the market opened, Celladon issued a press release announcing the suspension of its plans for further research or development of its MYDICAR program and other pre-clinical programs, and indicating the possibility that the Company could be liquidated with net cash available to shareholders of $25-$30 million. As a result of this news, the price of Celladon stock dropped $0.85 per share to close at $1.35 per share on June 26, 2015, a decline of 38% on volume of 9 million shares.
If you purchased shares of Celladon during the Class Period, have information regarding these allegations, and/or would like to learn more about your legal rights in connection with this notice, 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 e-mail to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
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