Case Page

 

Case Status:    SETTLED
On or around 12/06/2017 (Other)

Filing Date: January 15, 2014

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.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: AEGR
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


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COURT: D. Massachusetts
DOCKET #: 14-CV-10105
JUDGE: Hon. Mark L. Wolf
DATE FILED: 01/15/2014
CLASS PERIOD START: 03/15/2012
CLASS PERIOD END: 01/09/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Block & Leviton LLP
    155 Federal Street, Suite 1303, Block & Leviton LLP, MA 02110
    (617) 398-5600 (617) 507-6020 ·
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: D. Massachusetts
DOCKET #: 14-CV-10105
JUDGE: Hon. Mark L. Wolf
DATE FILED: 06/27/2016
CLASS PERIOD START: 04/30/2013
CLASS PERIOD END: 05/11/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Motley Rice LLC (Mount Pleasant)
    28 Bridgeside Boulevard, Motley Rice LLC (Mount Pleasant), SC 29464
    843.216.9000 843.216.9450 · inquiry@motleyrice.com
  2. Robbins Geller Rudman & Dowd LLP (Boca Raton)
    120 East Palmetto Park Road, Suite 500, Robbins Geller Rudman & Dowd LLP (Boca Raton), FL 33432
    561.750.3000 561.750.3364 ·
No Document Title Filing Date