According to the law firm press release, it is alleged that Sarepta issued a series of multiple statements concerning, among other things: (1) the prospects of the Food and Drug Administration's ("FDA") acceptance for consideration of a New Drug Application ("NDA") for eteplirsen based on Sarepta's Phase IIb study data set, and (2) the significance of that data set. However, during a meeting on November 12, 2013, the FDA informed Sarepta that its announced, anticipated NDA filing for eteplirsen was premature. On this negative news, Sarepta's stock price fell $23.40, a decline of 64%, from its closing price of $36.56 per share on November 11, 2013, to $13.16 per share on November 12, 2013, on extraordinary volume.
On June 23, 2014, the Court issued an Order appointing lead plaintiff and approving the selection of lead counsel. Lead Plaintiffs filed an amended complaint on July 21.
On March 31, 2015, the Court issued an Order granting Defendants' Motion to Dismiss.