Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Zynerba Pharmaceuticals (“Zynerba” or the “Company”) (NASDAQ: ZYNE) between March 11, 2019, and September 17, 2019, inclusive
If you purchased Zynerba securities, and/or would like to discuss your legal rights and options, please click “Join Class Action” above.
New York, New York — Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Zynerba Pharmaceuticals (“Zynerba” or the “Company”) (NASDAQ: ZYNE) between March 11, 2019, and September 17, 2019, inclusive (the “Class Period”). The lawsuit filed in the United States District Court for the Eastern District of Pennsylvania alleges violations of the Securities Exchange Act of 1934.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Zygel was proving unsafe and not well-tolerated in the BELIEVE 1 Trial; (ii) the foregoing created a foreseeable, heightened risk that Zynerba would fail to secure the necessary regulatory approvals for commercializing Zygel for the treatment of DEE in children and adolescents; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times. On September 18, 2019, during pre-market hours, Zynerba issued a press release announcing results from the BELIEVE 1 Trial evaluating topical gel Zygel in children and adolescents with DEE (the September 2019 Press Release).
While Zynerba asserted that Zygel was well-tolerated in the September 2019 Press Release, it also disclosed that, among patients enrolled in the BELIEVE 1 Trial, the rate of treatment emergent adverse events (TEAEs) was 96%, the rate of treatment related adverse events (TRAEs) was 60%, and there were ten patients who reported serious adverse events (SAEs), of which, two SAEs (lower respiratory tract infection and status epilepticus) were determined to be possibly related to treatment.
On this news, Zynerbas stock price fell $2.46 per share, or 21.77%, to close at $8.84 per share on September 18, 2019.
If you wish to serve as lead plaintiff, you must move the Court no later than December 23, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member. Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Bernstein Liebhard LLP