SAN DIEGO & WATERTOWN, Mass.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Tetraphase Pharmaceuticals, Inc. (NasdaqGS: TTPH) between March 8, 2017 and February 13, 2018 and/or issued in connection with the company's July 2017 secondary public offering have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 and the Securities Act of 1933. Tetraphase, a clinical-stage biopharmaceutical company, develops various antibiotics for the treatment of serious and life-threatening multidrug-resistant infections. Tetraphase's lead product candidate is known as eravacycline.
View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/tetraphase-pharmaceuticals-inc-july-2018/
Tetraphase Accused of Misrepresenting Enrollment for Its Drug Trial
According to the complaint, Tetraphase reported that enrollment was progressing well for the company's IGNITE3 trial, while failing to disclose that it was increasing the patient enrollment in its IGNITE3 trial from 1,000 patients to 1,200 patients to meet the trial's primary endpoints. On February 13, 2018, Tetraphase announced top-line results from its IGNITE3 trial for the treatment of patients with complicated urinary tract infections, revealing that eravacycline did not achieve co-primary endpoints. The news caused Tetraphase's stock to fall over 60%, closing at only $2.15 per share on February 14, 2018 and has yet to rebound. Tetraphase subsequently announced in March that the company was stopping development of the oral formulation of eravacycline.
Tetraphase Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Sign up for our FREE portfolio monitoring service, Stock Watch.
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