SAN DIEGO & NEWTON, Mass.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that a purchaser of Acer Therapeutics Inc. (NASDAQ: ACER) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 between September 25, 2017 and June 24, 2019. Acer Therapeutics is a pharmaceutical company that focuses on the acquisition, development, and commercialization of therapies for rare and life-threatening diseases.
View this information on the law firm's Shareholder Rights Blog:
Acer Therapeutics Accused of Misleading Investors
According to the complaint, in December 2016, Acer announced that it obtained exclusive rights to New Drug Application ("NDA")-enabling clinical data from the Assistance Publique—Hôpitaux de Paris' Ong Trial for the use of EDVISO in treating vascular Ehlers-Danlos Syndrome ("vEDS"). Throughout the relevant period, Acer touted the robust results from the Ong Trial and assured that it would support Acer's NDA for EDVISO. However, these assurances were materially false and misleading as they failed to disclose that the Ong Trial did not meet FDA standards and therefore Acer lacked sufficient data to support filing EDVISO's NDA. This became evident in June 2019, when Acer revealed in a press release that the FDA needed it to "conduct an adequate and well-controlled trial" to determine EDVISO's effects in patients. A news source then reported that the small group size of the Ong Trial had raised questions about the adequacy of EDVISO. On this news, Acer's stock price fell $15.16 per share, or over 75% to close at $4.12 per share. As of July 3, 2019, Acer's stock continued to fall and closed at $3.69 per share.
Acer 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, firstname.lastname@example.org 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. Check out Stock Watch, our free investment monitoring program for shareholders.
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