According to the law firm press release, Esperion Therapeutics, Inc. (Esperion) is a pharmaceutical company that focuses on developing and commercializing oral low-density lipoprotein cholesterol (“LDL-cholesterol”) lowering therapies for patients with hypercholesterolemia. Esperion’s lead product candidate is ETC-1002, a once-daily small molecule designed to lower LDL-cholesterol levels. According to Esperion, ETC-1002 is designed to lower LDL-cholesterol while avoiding the side effects associated with other LDL-cholesterol lowering therapies on the market.
The Complaint alleges that during the Class Period, Defendants issued false and misleading statements and/or failed to disclose adverse information regarding Esperion’s business and prospects, including that there was no clear path to approval for ETC-1002, and that the FDA had encouraged the Company to initiate a cardiovascular outcomes trial (“CVOT”) and that completion of a CVOT could be necessary prior to approval of ETC-1002. As a result of these false statements and/or omissions, Esperion common stock traded at artificially inflated prices during the Class Period, reaching as high as $82 per share in intra-day trading.
On April 5, 2016, the Court issued an Order appointing Lead Plaintiffs and Lead Counsel. Lead Plaintiffs filed an amended complaint on May 20.
On December 27, 2016, the Court issued an Order granting Defendants' Motion to Dismiss. Judgment in favor of Defendants was entered. On June 19, 2017, Plaintiffs filed a Notice appealing the Court's Order of Dismissal. On September 27, 2018, the Court of Appeals issued an Order reversing the District Court's judgment and remanding the case for further proceedings.
On June 6, 2019, Plaintiffs filed a Motion for Class Certification. The Court issued an Order granting Class Certification on May 31, 2020. On April 26, 2021, the parties entered into a Stipulation of Settlement. The Court granted preliminary approval of the Settlement on May 6. On August 24, the Court granted final approval of the Settlement and entered Final Judgment.
