According to the law firm press release, Aegerion Pharmaceuticals, Inc., is a biopharmaceutical company, engaged in the development and commercialization of novel therapeutics to treat debilitating and fatal rare diseases in the United States. The Company's products include JUXTAPID (lomitapide) capsules, an adjunct to a low-fat diet and other lipid-lowering treatments in patients with homozygous familial hypercholesterolemia. Aegerion Pharmaceuticals, Inc. was founded in 2005, and is headquartered in Cambridge, Massachusetts.
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. Specifically, Defendants made false and/or misleading statements and/or failed to disclose to Aegerion investors that: (1) the Company marketed its drugs in violation of the FDCA; (2) as a result, the Company faced heightened regulatory scrutiny by the FDA and other governmental bodies; and (3) as a result of the foregoing, Aegerion's statements were materially false and misleading at all relevant times.
On November 8, 2013, news reports revealed that the Company received an FDA Warning Letter, addressed to Defendant Beer, (the, "Warning Letter") in connection with statements the Company's CEO made regarding JUXTAPID capsules, during broadcast interviews on CNBC's television show, "Fast Money," that aired on June 5, 2013, and October 31, 2013. The Warning Letter stated that Defendant made public statements which "provide evidence that Juxtapid is intended for new uses, for which it lacks approval and for which its labeling does not provide adequate directions for use, which renders Juxtapid misbranded within the meaning of the Federal Food Drug and Cosmetic Act ("FDCA") and makes its distribution violative of the FDCA."
On January 10, 2014, the Company received a subpoena from the U.S. Department of Justice requesting documents regarding its marketing and sale of JUXTAPID. On this news, Aegerion shares declined $7.98 per share, or nearly 11%, to close at $65.77 per share on January 10, 2013.
On March 11, 2015, the Court issued an Order appointing lead plaintiffs and approving lead counsel.
An amended complaint was filed on June 27, 2016.
On January 17, 2017, the parties entered into a Stipulation of Settlement.