QRxPharma LTD : American Depository Receipts Securities Litigation
On or around 07/07/2016 (Date of order of final judgment)
Filing Date: June 23, 2015
According to the law firm press release, the complaint alleges that QRx issued false and misleading public statements and omitted material facts concerning the commercial prospects for its experiment drug Moxduo. Specifically, the complaint alleges that QRx failed to disclose to investors that it received a no agreement letter from the Food and Drug Administration (FDA) regarding its Moxduo trials and further misrepresented and concealed other material facts concerning its attempts to get Moxduo approved. Upon the disclosure of an FDA memorandum which denied QRx's application to get Moxduo approved, the price of QRx ADRs plummeted over 83% on April 23, 2014.
On September 14, 2015, the Court appointed lead plaintiffs and approved lead counsel. Lead Plaintiffs filed an amended complaint on November 23. A second amended complaint was filed on January 4, 2016.
On July 6, 2016, the Court issued an Order dismissing this case with prejudice.
Company & Securities Information
Defendant: QRxPharma LTD
Industry: Major Drugs
Ticker Symbol: QRXPY
Company Market: OTC-BB
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Robert Burns Logan, et al. v. QRxPharma LTD, et al.