BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired the securities of Recro Pharma, Inc. (“Recro Pharma” or the “Company”) (NASDAQ: REPH) between July 31, 2017, and May 23, 2018, inclusive (the “Class Period”). Recro Pharma investors have until July 30, 2018 to file a lead plaintiff motion.
Investors suffering losses on their Recro Pharma investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
The complaint filed in this class action alleges that, Recro Pharma made false and misleading statements to the marketplace. The Company’s lead product, IV meloxicam, was unlikely to receive FDA approval due to lacking sufficient supporting clinical data to demonstrate significant clinical benefits. As a result, Recro Pharma’s public statements were materially false and misleading throughout the class period and did not accurately reflect the results of business operations and the financial health of the Company.
On May 24, 2018, Recro Pharma announced that it received a Complete Response Letter (“CRL”) from the U.S. Food and Drug Administration (“FDA”) regarding the Company’s New Drug Application (“NDA”) for IV meloxicam. In the CRL, the FDA informed the Company that the FDA was “unable to approve the application in its current form” because “data from ad hoc analyses and selective secondary endpoints suggest that the analgesic effect does not meet the expectations of the FDA” and “the CRL raised CMC related questions on extractable and leachable data provided in the NDA.”
On this news, Recro Pharma’s share price fell $6.79 per share, or 54.7%, to close at $5.63 per share on May 24, 2018, thereby injuring investors.
If you purchased shares of Recro Pharma, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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