NEW YORK, Feb. 21, 2014 (GLOBE NEWSWIRE) -- Pomerantz LLP has filed a class action lawsuit against The Medicines Company ("Medicines" or the "Company") (Nasdaq:MDCO) and certain of its officers. The class action, filed in United States District Court, District of New Jersey, and docketed under 2:33-av-00001, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Medicines securities between February 20, 2013 and February 12, 2014 both dates inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Medicines securities during the Class Period, you have until April 22, 2014 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
The Medicines Company is a global pharmaceutical company focused on providing medical solutions for critical care patients in acute and intensive care hospitals worldwide.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (1) Cangrelor, Medicines drug candidate designed to prevent blood clots during heart artery-clearing angioplasty and stenting procedures, did not show superiority to clopidogrel, a competing drug already approved by the U.S. Food and Drug Administration ("FDA"); (2) The Company's CHAMPION clinical trials which compared the efficacy of Cangrelor to clopidogrel were unethically and inappropriately administered including by delaying administration of clopidogrel and lowering its dosage; and (3) as a result of the foregoing, Medicines' public statements were materially false and misleading at all relevant times.
On February 10, 2014, the FDA released briefing documents ahead of a review by its Cardiovascular and Renal Drugs Advisory Committee ("CRDAF"), which was scheduled to review the New Drug Application ("NDA") for Cangrelor on February 12, 2014. In the briefing document, Thomas A. Marciniak, M.D., the FDA's Medical Team Leader for the review, found that Cangrelor did not show superiority to clopidogrel, and that the clinical trials sponsored by Medicines were unethically and inappropriately administered, including by delaying administration of clopidogrel and the lowering of the dosage of clopidogrel in the CHAMPION trial. According to Dr. Marciniak, "the CHAMPION trials were conducted unethically. We can refuse approval of Cangrelor based on that fact alone."
On this news, Medicines securities declined $1.80, or over 5%, on heavy volume, to close at $32.42 on February 10, 2014.
On February 12, 2014, the Company issued a press release announcing that NASDAQ has halted trading of the company's stock because an FDA advisory panel was meeting to discuss the new drug application (NDA) for Cangrelor. Later, on February 12, 2014, the FDA advisory panel voted 7-2 that Medicines' Cangrelor shouldn't be approved to prevent blood clots during heart procedures.
On this news, when trading resumed on February 13, 2014, Medicines securities declined $3.82, or over 11.5% from the previous close, on very heavy volume, to close at $29.28 on February 13, 2014.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.