Bernstein Liebhard LLP Announces That A Class Action Has Been Filed Against Achillion Pharmaceuticals, Inc.
October 17, 2013
Bernstein Liebhard LLP today announced that a class action has been commenced in the United States District Court for the District of Connecticut on behalf of all those (the “Class”) who purchased securities of Achillion Pharmaceuticals, Inc. (“Achillion” or the “Company”) (NASDAQ: ACHN) between April 21, 2012 and September 27, 2013, inclusive (the “Class Period”).
Achillion is a biopharmaceutical company that discovers and develops solutions for infectious diseases such as HIV, hepatitis, and resistant bacterial infections. The Company focuses its research and development on products for the antiviral and antibacterial markets.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects, including the safety and suitability of its premier investigative drug for the treatment of hepatitis, sovaprevir. Defendants failed to inform investors that sovaprevir in fact did not interact well with other drugs commonly administered to treat hepatitis and/or HIV. Specifically, the Company misled investors to believe that even though patients in the Company’s clinical trials for sovaprevir had elevations in liver enzymes, these liver enzymes elevations were transient and returned to baseline values and were attributable to non-drug-related factors. As a result of the foregoing, the Company’s statements were materially false and misleading at all relevant times.
On July 1, 2013, the Company disclosed that the FDA instituted a clinical hold on “sovaprevir after elevations in liver enzymes associated with significantly higher than anticipated exposures to atazanavir and sovaprevir were noted in a Phase I healthy subject drug-drug interaction study evaluating the effects of concomitant administration of sovaprevir with ritonavir-boosted atazanavir.” As a result of this disclosure, Achillion shares declined $2.10 per share or over 25%, to close at $6.26 per share on July 2, 2013.
Then, on September 27, 2013, after the market closed, the Company disclosed that the FDA had continued its clinical hold on sovaprevir, after “the FDA concluded that the removal of the clinical hold is not warranted.” As a result of this disclosure, Achillion shares declined $4.22 per share or over 58%, to close at $3.02 per share on September 30, 2013.
Plaintiffs seek to recover damages on behalf of all Class members who invested in Achillion securities during the Class Period. If you invested in Achillion securities as described above during the Class Period, and either lost money on the transaction or still hold the security, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than December 9, 2013.
A “lead plaintiff” is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as an Achillion shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or firstname.lastname@example.org.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last ten years.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the District of Connecticut.