Case Page

 

Case Status:    DISMISSED    
On or around 12/28/2016 (Other)

Filing Date: July 02, 2015

According to the law firm press release, Celladon is a clinical-stage biotechnology company that is focused on the development of cardiovascular gene therapy and calcium dysregulation.

The complaint alleges that during the Class Period defendants’ made false and misleading statements and/or failed to disclose adverse information regarding the Company’s prospects for its lead drug candidate, MYDICAR, for treating enzyme deficiency in heart failure patients that results in inadequate pumping of the heart. As a result of these false and misleading statements or omissions, Celladon securities traded at artificially inflated prices during the Class Period.

On April 26, 2015, Celladon announced that the Company’s Phase 2b CUPID2 trial of MYDICAR did not meet its primary and secondary goals. The Company reported that “the primary endpoint comparison of MYDICAR to placebo resulted in a hazard ratio of 0.93 (0.53, 1.65 95%CI) (p=0.81), defined as heart failure-related hospitalizations or ambulatory treatment for worsening heart failure” and the “secondary endpoint comparison of MYDICAR to placebo, defined as all-cause death, need for a mechanical circulatory support device, or heart transplant, likewise failed to show a significant treatment effect.” As a result of this news, the price of Celladon stock fell $11.04 per share to close at $2.64 per share on April 27, 2015, a decline of 80% on volume of 32 million shares.

On June 1, 2015, Celladon issued a press release announcing the abrupt resignation of the Company’s Chief Executive Officer. Then, on June 26, 2015, before the market opened, Celladon announced the suspension of its plans for further research or development of its MYDICAR program and other pre-clinical programs, indicating there was a possibility that the Company could be liquidated with net cash available to shareholders of $25-$30 million. As a result of this news, the price of Celladon stock dropped $0.85 per share to close at $1.35 per share on June 26, 2015, a one-day decline of 38% on volume of 9 million shares, and a 95% decline from the stock’s Class Period high price.

On October 7, 2016, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to file an amended complaint. Plaintiffs filed a notice of intent not to amend, thus this case was closed on December 15. The above Order was appealed on December 28.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: CLDN
Company Market: NASDAQ
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.
COURT: S.D. California
DOCKET #: 15-CV-01458
JUDGE: Hon. Anthony J. Battaglia
DATE FILED: 07/02/2015
CLASS PERIOD START: 07/07/2014
CLASS PERIOD END: 06/25/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kenneth A. Elan (New York)
    217 Broadway, Suite 606, Kenneth A. Elan (New York), NY 10007
    212.619.0261 212.619.2707 ·
  2. Law Offices of Bernard M. Gross (Philadelphia)
    John Wanamaker Building; 100 Penn Square East, Suite 450, Law Offices of Bernard M. Gross (Philadelphia), PA 19107
    215.561.3600 215.561.3600 · susang@bernardmgross.com
  3. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
No Document Title Filing Date
COURT: S.D. California
DOCKET #: 15-CV-01458
JUDGE: Hon. Anthony J. Battaglia
DATE FILED: 02/29/2016
CLASS PERIOD START: 01/30/2014
CLASS PERIOD END: 06/25/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Labaton Sucharow LLP
    140 Broadway, Labaton Sucharow LLP, NY 10005
    212.907.0700 212.818.0477 · info@labaton.com
  2. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
No Document Title Filing Date