NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Tetraphase Pharmaceuticals, Inc. (“Tetraphase” or the “Company”) (NASDAQ:TTPH) of the September 25, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Tetraphase stock or options securities pursuant and/or traceable to the Company’s July 2017 secondary public offering (“SPO”) and/or between March 8, 2017 and February 13, 2018, and would like to discuss your legal rights, click here: www.faruqilaw.com/TTPH. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Tetraphase securities pursuant and/or traceable to the Company’s false and/or misleading registration statement and prospectus issued in connection with the Company’s July 2017 SPO and/or between March 8, 2017 and February 13, 2018 (the “Class Period”). The case, Garity v. Tetraphase Pharmaceuticals, Inc. et al., No. 18-cv-06797 was filed on July 27, 2018.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) it was increasing the patient enrollment in its IGNITE3 trial of eravacyline in complicated urinary tract infection from 1,000 patients to 1,200 patients to meet the trial’s primary endpoints; and (2) the enrollment of more patients in the trial indicated that the existing population was inadequate to meet the trial’s primary endpoints.
Specifically, on February 13, 2018, Tetraphase announced that its IGNITE3 trial failed to achieve its co-primary efficacy endpoints.
On this news, TTPH’s share price fell from $5.43 per share on February 13, 2018 to a closing price of $2.15 on February 14, 2018—a $3.28 or a 60.41% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Tetraphase’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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