LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the July 30, 2018 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Recro Pharma, Inc. (“Recro Pharma” or the “Company”) (NASDAQ: REPH) securities between July 31, 2017, and May 23, 2018, inclusive (the “Class Period”).
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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.
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If you purchased shares of Recro Pharma during the Class Period you may move the Court no later than July 30, 2018 to ask the Court to appoint you as lead. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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