According to the Complaint, Tetraphase Pharmaceuticals, Inc. ("Tetraphase" or the "Company") is a clinical-stage biopharmaceutical company that develops antibiotics for serious and life-threatening multidrug-resistant infections.
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, the Complaint alleges that Defendants failed to disclose: (1) Tetraphase was increasing the patient enrollment in its IGNITE3 trial from 1,000 patients to 1,200 patients to meet the trial’s primary endpoints (within the 10% non-inferiority margin); (2) The enrollment of more patients in the trial indicated that the existing population was inadequate to meet the trial’s primary endpoints; and (3) that, as a result of the foregoing, Defendants’ statements about Tetraphase’s business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.
On May 30, 2019, the Court issued an Order transferring the case to the District of Massachusetts under Docket 19-CV-11282. On August 2, the Court issued an Order appointing Lead Plaintiff and Counsel. This case was voluntarily dismissed on October 1.