According to the law firm press release, the complaint alleges that, throughout the class period, TherapeuticsMD engaged in a scheme to deceive the market and cause the Company's stock to trade at artificially inflated prices. In particular, the complaint alleges that TherapeuticsMD made false and/or misleading statements and/or failed to disclose that: (i) the Company's New Drug Application (NDA) submission for TX-004HR was deficient; (ii) the NDA submission for TX-004HR was not supported by the complete TX-004HR clinical program and/or the clinical program was deficient; (iii) the deficient NDA would likely cause a delay of the FDA's potential approval of the TX-004HR NDA.
On April 10, 2017, TherapeuticsMD issued a press release announcing that the U.S. Food and Drug Administration had identified deficiencies in its NDA for TX-004HR. Following this news, shares of TherapeuticsMD fell more than 19% to close at $6.20 per share on April 10, 2017.
Pursuant to a Notice of Voluntary Dismissal, this case was ordered dismissed on July 21, 2017.