NEW YORK, July 03, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of investors that acquired Acer Therapeutics Inc., (“Acer” or the “Company”) (NASDAQ: ACER) securities between September 25, 2017 and June 24, 2019, inclusive (the “Class Period”).
Investors, who purchased the shares of Acer Therapeutics Inc., are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website www.whafh.com.
If you have incurred losses in the shares of Acer you may, no later than August 30, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Acer.
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The filed complaint 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 failed to disclose to investors:
- Acer lacked sufficient data to support filing EDSIVO’s NDA with the U.S. Food and Drug Administration (“FDA”) for the treatment vascular Ehlers-Danlos syndrome (“vEDS”);
- The Ong Trial, which was the basis for the NDA, was an inadequate and ill-controlled clinical study by FDA standards and comprised of an insufficiently small group to support the NDA;
- As a result, the FDA was likely to reject EDSIVO’s NDA; and
- Therefore, the Company’s public statements were false and misleading at all relevant times.
On June 25, 2019, Acer disclosed the receipt of a Complete Response Letter from the FDA regarding the EDSIVO NDA for the treatment of vEDS. Acer advised the market that the Complete Response Letter “states that it will be necessary to conduct an adequate and well-controlled trial to determine whether [EDSIVO] reduces the risk of clinical events in patients with vEDS.”
On the same day, Reuters reported that the small group size of the Ong Trial raised questions among experts about the adequacy of the EDSIVO trial results.
On this news, the Company’s share price fell $15.16 per share, or nearly 79%, to close at $4.12 on June 25, 2019, thereby injuring investors.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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