Case Page

 

Case Status:    ONGOING    
On or around 05/31/2018 (Ongoing date of last review)

Filing Date: May 31, 2018

According to the law firm press release, Recro is a specialty pharmaceutical company that develops non-opioid therapeutics for the treatment of pain in the post-operative setting. Recro offers its products to the medical industry. The Company’s lead product is a proprietary injectable form of meloxicam, a long-acting preferential COX-2 inhibitor (“IV meloxicam”) to be used for the management of moderate to severe pain.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) IV meloxicam lacked supporting clinical data to show sufficient clinical benefits to receive U.S. Food and Drug Administration (“FDA”) approval; and (ii) as a result, Recro’s public statements were materially false and misleading at all relevant times.

On May 24, 2018, Recro announced that the FDA had declined to approve Recro's New Drug Application (“NDA”) for IV meloxicam. In its Complete Response Letter, the FDA stated that the drug's analgesic effects did not meet FDA expectations and raised questions related to chemistry, manufacturing and controls data.

On this news, Recro's share price fell $6.79, or 54.67%, to close at $5.63 on May 24, 2018.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: REPH
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.

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COURT: E.D. Pennsylvania
DOCKET #: 18-CV-02279
JUDGE: Hon. Michael M. Baylson
DATE FILED: 05/31/2018
CLASS PERIOD START: 07/31/2017
CLASS PERIOD END: 05/23/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kaskela Law LLC
    201 King of Prussia Road, Suite 650, Kaskela Law LLC, PA 19087
    484.258..1585. ·
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date