RADNOR, Pa.--(BUSINESS WIRE)--The law firm of Kessler Topaz Meltzer & Check, LLP announces that an investor class action lawsuit has been filed against Esperion Therapeutics, Inc. (Nasdaq: ESPR) (“Esperion”) on behalf of purchasers of Esperion securities between February 22, 2017 and May 1, 2018, inclusive (the “Class Period”).
Esperion investors who purchased securities during the Class Period may, no later than July 6, 2018, seek to be appointed as a lead plaintiff representative of the class.
Investors who wish to discuss this action or request additional information about the lawsuit are encouraged to contact Kessler Topaz Meltzer & Check attorneys James Maro, Jr. or Adrienne Bell at (888) 299-7706 or online at: https://www.ktmc.com/new-cases/esperion-therapeutics-inc-2018#join
According to the complaint, Esperion is a biopharmaceutical company that is primarily focused on the research and development of oral and small molecule therapies for the treatment of patients with elevated levels of low-density lipoprotein cholesterol and other cardio metabolic risk factors. Bempedoic acid and its lead product candidate, the bempedoic acid/ezetimibe combination pill, are targeted therapies focused on reducing elevated LDL-C levels in patients with hypercholesterolemia. The company owns the exclusive worldwide rights to bempedoic acid.
The Class Period commences on February 22, 2017, when Esperion filed a press release with the SEC entitled “Esperion Provides Bempedoic Acid Development Program Update; Reports Fourth Quarter and Full Year 2016 Financial Results,” wherein it provided bempedoic acid development program updates.
According to the complaint, on May 2, 2018, Esperion announced results from its second pivotal Phase 3 study for its cholesterol-lowering medication. Esperion reported that while the trial met the primary endpoint of safety and tolerability and the key efficacy endpoint, there were 13 deaths in the treatment group compared to only two in the control group. Following this news, Esperion’s share price fell $24.75, or 35.10%, to close at $45.75 on May 2, 2018.
The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (i) Esperion’s cholesterol-lowering medication, bempedoic acid, entailed serious undisclosed safety risks, including death; and (ii) as a result of the foregoing, Esperion’s public statements were materially false and misleading at all relevant times.
Esperion investors may, no later than July 6, 2018, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a 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 in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.