SAN DIEGO--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that a purchaser of Heron Therapeutics, Inc. (NASDAQ: HRTX) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 between October 31, 2018 and April 30, 2019. Heron Therapeutics is a biotechnology company that develops treatments to address unmet medical needs. HTX-011 is one of the drugs Heron is developing.
View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/heron-therapeutics-inc/
Heron Therapeutics Accused of Misleading Investors
According to the complaint, in October 2018, Heron announced the submission of its New Drug Application ("NDA") for HTX-011 to the U.S. Food and Drug Administration ("FDA") for post-operative pain management. It touted the data it used to support the filing. Heron's CEO went further by promoting Heron's prior experience with filing NDAs, as well as its close working relationship with the FDA. However, Heron failed to disclose that the HTX-011 NDA did not contain adequate information. In May 2019, Heron revealed that HTX-011 had failed to gain FDA approval because it lacked sufficient information. Specifically, the FDA denied HTX-011's NDA purely based on Heron's failure to include the requisite CMC and non-clinical information. On this news, Heron's stock price fell over 18% to close at $17.75 per share on May 1, 2019, and has yet to recover.
Heron Therapeutics Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leo Kandinov at (800) 350-6003, email@example.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.
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