LOS ANGELES--(BUSINESS WIRE)--Goldberg Law PC, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Inotek Pharmaceuticals Corporation (“Inotek” or the “Company”) (Nasdaq: ITEK). Investors who purchased or otherwise acquired Inotek shares between July 23, 2015 and December 30, 2016 inclusive (the “Class Period”), are encouraged to contact the firm in advance of the March 7, 2017 lead plaintiff motion deadline.
If you are a shareholder who suffered a loss during the Class Period, we encourage you to click here or contact Michael Goldberg or Brian Schall, of Goldberg Law PC, 1999 Avenue of the Stars, Suite 1100, Los Angeles, CA 90067, at 800-977-7401, to discuss your rights free of charge. You can also reach us through the firm’s website at http://www.Goldberglawpc.com, or by email at email@example.com.
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Complaint alleges that on July 23, 2015, Inotek revealed a positive End of Phase 2 meeting with the U.S. Food and Drug Administration and noted that the Company is in the "final preparation stages to commence its first Phase 3 trial in 4Q and look forward to data in 2016."
The Company boasted an optimistic outlook of the Phase 3 trabodenoson trial, causing the company's share price to increase significantly to $15.37 per share on July 23, 2015. Inotek's Form 10-K filing also suggested to investors that trabodenoson would be successful, noting that it maintains an impressive safety record in comparison to similar glaucoma treatments on the market.
However, according to the Complaint, Inotek officials were informed that part of the clinical trial of trabodenoson would not accomplish its intended goal of reducing intraocular pressure compared with the placebo.
Inotek revealed this information on January 3, 2017 and stated that the first pivotal Phase 3 trial of trabodenoson to treat open-angle glaucoma or ocular hypertension was unsuccessful, in comparison to the placebo, in its endpoint of superiority in the reduction of intraocular pressure.
When this information was revealed to the investing public, Inotek's stock fell approximately 70%, causing investors severe harm.
Goldberg Law PC represents shareholders around the world and specializes in securities class actions and shareholder rights litigation.
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