Inotek Pharmaceuticals Corporation ("Inotek") is a biotechnology company focused on the discovery and development of innovative drugs to address serious diseases of the eye.

According to the law firm press release, the complaint alleges that, throughout the Class Period, Inotek misrepresented the efficacy of its drug candidate trabodenoson—the only drug Inotek currently has in its clinical development pipeline—and its attendant capacity to receive New Drug Approval by the U.S. Food and Drug Administration. In particular, it is alleged that the Company made positive statements about the drug despite knowledge that the MATrX-1 phase 3 clinical trial of trabodenoson would fail to meet its primary endpoint of statistical relevance in the reduction of intraocular pressure compared with placebo.

On January 3, 2017, Inotek announced that the Phase 3 trial of trabodenoson had failed to achieve this primary endpoint. Following this news, shares of Inotek fell from a closing price of $6.10 on December 30, 2016, to a closing price of of $1.75 per share on January 3, 2017.

On May 2, 2017, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on July 10. A second amended Complaint was filed on September 5. Defendants filed a Motion to Dismiss the second amended Complaint on October 6. On June 27, 2018, the Court issued an Order granting Defendants' Motion to Dismiss, closing this case. Lead Plaintiff filed a Notice appealing the Court's decision on July 27. On September 5, the Court of Appeals ordered the appeal dismissed per Lead Plaintiff's unopposed motion to voluntarily dismiss the appeal.