RADNOR, Pa.--(BUSINESS WIRE)--Kaskela Law LLC has filed a shareholder class action lawsuit against Recro Pharma, Inc. (NASDAQ: REPH) (“Recro” or the “Company”) on behalf of investors who purchased or acquired the Company’s securities between July 31, 2017 and May 23, 2018, inclusive (the “Class Period”).
IMPORTANT DEADLINE: Investors who purchased or acquired Recro securities during the Class Period may, no later than July 30, 2018, seek to be appointed as a lead plaintiff representative of the investor class.
Recro investors are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585 or (888) 715 – 1740 to discuss their legal rights and options with respect to this action and/or to obtain a copy of the shareholder class action complaint. Additional information about this action may also be found at www.kaskelalaw.com/case/recro.
Recro is a specialty pharmaceutical company that develops non-opioid therapeutics for the treatment of pain in the post-operative setting. The Company’s lead product is a proprietary injectable form of meloxicam, a long acting preferential COX-2 inhibitor (“IV meloxicam”) to be used for the management of moderate to severe pain.
On May 24, 2018, Recro announced that the FDA had declined to approve Recro’s New Drug Application for IV meloxicam. In its Complete Response Letter, the FDA stated that the drug’s analgesic effects did not meet FDA expectations and raised questions related to chemistry, manufacturing and controls data.
Following this news, shares of Recro’s common stock fell $6.79 per share, or over 54%, to close on May 24, 2018 at $5.63.
The shareholder class action complaint alleges that Recro and certain of its senior executive officers made false and misleading statements and/or failed to disclose to investors that IV Meloxicam lacked supporting clinical data to show sufficient clinical benefits to receive FDA approval. The complaint further alleges that, as a result of the foregoing, investors purchased Recro’s securities at artificially inflated prices during the Class Period and sustained investment losses following the Company’s May 24, 2018 disclosures.
Kaskela Law LLC exclusively prosecutes shareholder actions in state and federal courts throughout the country on behalf of investors. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.