According to the law firm press release, Aratana Therapeutics, Inc. is a development-stage biopharmaceutical company that develops biomedical therapeutics for animals. The Company offers various products to treat pain and inflammation associated with serious medical conditions in pets. One of the Company’s key products is ENTYCE, also known as AT-002 (capromorelin oral solution), an appetite stimulant for dogs.
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) Aratana did not have manufacturing contracts in place sufficient to support manufacturing of ENTYCE at a commercial scale; (ii) consequently, ENTYCE was not likely to be commercially available until late 2017; (iii) accordingly, Aratana had misled investors with respect to the likely timeline for a commercial launch of ENTYCE; and (iv) as a result of the foregoing, Aratana’s public statements were materially false and misleading at all relevant times.
An amended complaint was filed on August 7, 2017. Defendants filed a Motion to Dismiss the amended Complaint on October 6. On June 11, 2018, the Court issued an Order granting Defendants' Motion to Dismiss, closing the case.