LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the January 3, 2017 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Cempra, Inc. (“Cempra” or the “Company”) (NASDAQ: CEMP) securities between May 1, 2016 and November 1, 2016, inclusive (the “Class Period”). Cempra investors have until January 3, 2017 to file a lead plaintiff motion.
The Complaint filed in this lawsuit alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) solithromycin posed significant safety risks for hepatotoxicity; and (ii) as a result of the foregoing, Cempra’s public statements were materially false and misleading at all relevant times.
On November 2, 2016, the Company’s shares fell as much as 61%, after FDA briefing documents noted the Company’s Solithera (solithromycin) may cause liver injury, and this must be weighed against its efficacy for treatment in treating pneumonia.
Note: On December 29, 2016, Cempra shares fell a further 58% during intraday trading on news that the FDA cannot approve solithromycin’s NDA in present form, and that additional clinical safety information and resolution of facility inspection deficiencies are required.
If you purchased Cempra shares, you may move the Court no later than January 3, 2017 to request appointment as lead plaintiff. 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://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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