NEW YORK--(BUSINESS WIRE)--Pomerantz LLP announces that a class action lawsuit has been filed against Esperion Therapeutics, Inc. (“Esperion” or the “Company”) (NASDAQ: ESPR) and certain of its officers. The class action, filed in United States District Court, Eastern District of Michigan, and docketed under 18-cv-11438, is on behalf of a class consisting of investors who purchased or otherwise acquired Esperion securities between February 22, 2017, and May 1, 2018, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased Esperion securities between February 22, 2017, and May 1, 2018, both dates inclusive, you have until July 6, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
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 exclude worldwide rights to bempedoic acid.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, 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.
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.
On this news, Esperion’s share price fell $24.75, or 35.10%, to close at $45.75 on May 2, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com