Case Page

 

Case Status:    ONGOING    
On or around 10/26/2017 (Ongoing date of last review)

Filing Date: November 04, 2016

According to the law firm press release, Cempra, Inc., a clinical-stage pharmaceutical company, focuses on developing antibiotics to meet medical needs in the treatment of bacterial infectious diseases in North America. One of the Company’s lead product candidates include solithromycin (CEM-101), which is in Phase III clinical trials for the treatment of community acquired bacterial pneumonia, as well as for uncomplicated bacterial urethritis.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) solithromycin posed significant safety risks for hepatotoxicity; and (ii) as a result of the foregoing, Cempra’ public statements were materially false and misleading at all relevant times.

On November 2, 2016, the United States Food and Drug Administration (“FDA”) posted on its website a preliminary review of solithromycin. FDA reviewers noted that "[a] significant safety signal for hepatotoxicity was observed in the solithromycin development program," and there was concern for "the high rate of infusion site-related reactions."

On this news, Cempra stock fell $11.35, or 60.86%, to close at $7.30 on November 2, 2016, the next trading day.

On November 4, 2016, Cempra issued a press release announcing that NASDAQ has halted trading of the Company’s common stock. Cempra also announced that the FDA Antimicrobial Drugs Advisory Committee would meet that day to discuss the safety and efficacy of solithromycin to treat community-acquired bacterial pneumonia.

On July 5, 2017, the Court appointed Lead Plaintiffs and Counsel. Lead Plaintiff filed an amended complaint on August 16, 2017.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: CEMP
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: M.D. North Carolina
DOCKET #: 16-CV-01303
JUDGE: Hon. THOMAS D. SCHROEDER
DATE FILED: 11/04/2016
CLASS PERIOD START: 05/01/2016
CLASS PERIOD END: 11/01/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Goldberg Law PC (Los Angeles)
    1999 Avenue of the Stars, Goldberg Law PC (Los Angeles), CA 90067
    1-800-977-7401 1-800-536-0065 ·
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  3. Schiller & Schiller, PLLC
    304 East Jones Street , Schiller & Schiller, PLLC, NC 27601
    (919) 789-4677 (919) 789-4469 ·
No Document Title Filing Date
COURT: M.D. North Carolina
DOCKET #: 16-CV-01303
JUDGE: Hon. THOMAS D. SCHROEDER
DATE FILED: 08/16/2017
CLASS PERIOD START: 07/07/2015
CLASS PERIOD END: 11/04/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Johnson & Weaver, LLP
    110 West “A” Street, Suite 750, Johnson & Weaver, LLP, CA 92101
    619.230.0063 619.230.0063 · contactus@johnsonandweaver.com
  2. McDaniel & Anderson, LLP
    4942 Windy Hill Drive; P.O. Box 58186, McDaniel & Anderson, LLP, NC 27658
    919.872.3000 ·
  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