Sarepta Therapeutics receives securities class action lawsuit

Shareholders of a pharmaceutical company will be a part of a class action lawsuit against the firm, after a law office filed litigation due to allegations of securities law violations.

Law firm Levi and Korsinsky filed the securities class action claim in the U.S. District Court for the District of Massachusetts against Sarepta Therapeutics, Inc. This includes all shareholders who acquired company stock during the class period between July 24, 2013, and Nov. 12, 2013.

The company made multiple statements that the lawsuit claims were misleading. Sarepta Theraperutics claimed that the Food and Drug Administration would likely accept its eteplirsen drug for a New Drug Application due to its Phase IIb study, while it also may have explained that the data set's significance was higher than in reality.

This company's decision to file was noted as premature by the FDA on Nov. 12, 2013. Once this occurred, Sarepta Therapeutics' stock declined to $13.16 per share from its initial level of $36.56 per share.

It is possible for shareholders to apply for the lead plaintiff role. In order to do this, it is important that they speak with the court by the end of the day on March, 28, 2014. It is not required for any class members to do this in order to collect in the event of recovery. However, in order to get the position, the court needs to deem the investor an adequate representative of the class.

Learning more about this case is possible by speaking with the law firm. The best person to contact is Joseph Levi, and he can be reached by telephone or email. It is also an option to visit the law office's website to gain more information.

Second lawsuit filed
Another litigation firm noted it filed a lawsuit in the same court for many of the aforementioned reasons.

Federman and Sherwood noted it acted on behalf of shareholders to file the litigation. The complaint listed allegations that the company violated the Securities Exchange Act of 1934, specifically Sections 10(b), 20(a) and Rule 10b-5.

In order to learn more about this case, regarding the action itself, or the options available to take part or the lead plaintiff position, it is possible to speak with law firm member K. Lynn Nunn, who can be reached by email. It is also an option to visit the law firm's website to gain further information.