On May 7, 2018, Plaintiff's law firm issued a press release announcing the lawsuit. According to the press release, Esperion is a biopharmaceutical company that is primarily focused on the research and development of oral and small molecule therapies for the treatment of patients with elevated levels of low-density lipoprotein cholesterol and other cardio metabolic risk factors. Bempedoic acid and its lead product candidate, the bempedoic acid / ezetimibe combination pill, are targeted therapies focused on reducing elevated LDL-C levels in patients with hypercholesterolemia. The Company owns the exclude worldwide rights to bempedoic acid.
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) Esperion’s cholesterol-lowering medication, bempedoic acid, entailed serious undisclosed safety risks, including death; and (ii) as a result of the foregoing, Esperion’s public statements were materially false and misleading at all relevant times.
On September 20, 2018, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on October 22. Defendants filed a Motion to Dismiss the amended Complaint on November 13. On February 19, 2019, the Court issued an Order granting Defendants' Motion to Dismiss.