Case Page

 

Case Status:    DISMISSED    
On or around 06/23/2017 (Other)

Filing Date: January 28, 2016

According to the law firm press release, the complaint alleges that Tetraphase and certain insiders issued materially false and misleading statements to investors. In particular, it is alleged that throughout the class period, Tetraphase made positive statements about the efficacy and potential for its drug Eravacycline to achieve approval by the FDA, despite knowledge that a pivotal portion of its IGNITE2 phase 3 clinical trial for Eravacycline would fail to achieve its primary endpoint of statistical non-inferiority compared to the antibiotic Levofloxacin.

On September 8, 2015, the Company announced that the pivotal portion of its IGNITE2 phase 3 clinical trial of Eravacycline did not achieve its primary endpoint. Following this news, shares of Tetraphase fell from a close of $44.78 on September 8, 2015, to a close of $8.36 per share on September 10, 2015—a loss of more than 80% in market value.

On May 25, 2016, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. Lead Plaintiffs filed an amended complaint on July 25. The Complaint was amended again on August 25.

On May 9, 2017, the Court issued an Order granting Defendants' Motion to Dismiss. This case was closed.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Major Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: TTPH
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: D. Massachusetts
DOCKET #: 16-CV-10133
JUDGE: Hon. Leo T. Sorokin
DATE FILED: 01/28/2016
CLASS PERIOD START: 03/05/2015
CLASS PERIOD END: 09/08/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Levi & Korsinsky LLP (DC)
    1101 30th Street, NW; Suite 115, Levi & Korsinsky LLP (DC), DC 20007
    ·
No Document Title Filing Date
COURT: D. Massachusetts
DOCKET #: 16-CV-10133
JUDGE: Hon. Leo T. Sorokin
DATE FILED: 08/25/2016
CLASS PERIOD START: 03/05/2015
CLASS PERIOD END: 09/08/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Levi & Korsinsky (Stamford)
    733 Summer Street, Suite 304, Levi & Korsinsky (Stamford), CT 06901
    203-992-4523 ·
  2. Scott + Scott LLP (NY)
    405 Lexington Avenue, 40th Floor, The Chrysler Building, Scott + Scott LLP (NY), NY 10174
    (212) 223-6444 (212) 223-6444 ·
No Document Title Filing Date