According to the Complaint, Acer Therapeutics Inc. is a pharmaceutical company that purportedly focuses on the acquisition, development, and commercialization of therapies for serious rare and life-threatening diseases. Acer’s pipeline includes, inter alia, EDSIVO (celiprolol) for the treatment of vEDS in patients with a confirmed type III collagen mutation.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) Acer lacked sufficient data to support filing EDSIVO’s NDA with the FDA for the treatment of vEDS; (ii) the Ong Trial was an inadequate and ill-controlled clinical study by FDA standards, and was comprised of an insufficiently small group size to support EDSIVO’s NDA; (iii) consequently, the FDA would likely reject EDSIVO’s NDA; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On September 25, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on December 3. On February 28, 2020, Lead Plaintiff filed a second amended Complaint. Defendants filed a Motion to Dismiss the second amended Complaint on May 1. On June 16, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Lead Plaintiff filed a third amended Complaint on February 16, 2021.

On July 21, 2021, the parties entered into a Stipulation and Agreement of Settlement. The parties filed an amended Stipulation and Agreement of Settlement on August 6. On August 11, the Court granted preliminary approval of the Settlement. On January 7, 2022, the Court granted final approval of the Settlement. The Court directed the Clerk of Court to close the case on March 30, and on March 31, the Clerk of Court entered Final Judgment.

On August 11, 2022, the Court issued an Order granting distribution of the Class Action Settlement funds.