The complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing materially false and misleading press releases regarding the success of clinical trials for its drug Proellex. On August 3, 2009, Repros revealed that it was suspending Proellex clinical trials based in a clinically significant increase in liver enzymes among participants. On that day, Repros stock closed at $1.31, a 48% drop from a close of $2.53 the trading day before. This was a 73% drop from the close of $4.96 on July 1, 2009.
According to the Orders entered on October 23 and December 4, 2009, Judge Vanessa D Gilmore granted the motions to consolidate the cases under Civil Action No. H-09-2530. On January 27, 2010, the court-appointed lead plaintiff filed a Consolidated Class Action Complaint. On March 15, 2010, the defendants filed a motion to dismiss the Consolidated Complaint. On November 17, 2010, Magistrate Judge Mary Milloy recommended that the motion to dismiss be granted. On January 19, 2011, Judge Vanessa D. Gilmore adopted the recommendation, and the action was dismissed with prejudice. Final Judgment was entered, and the case is now terminated.