According to the Complaint, Aclaris Therapeutics, Inc. is a biopharmaceutical company that identifies, develops, and commercializes therapies to address unmet needs in medical and aesthetic dermatology and immunology. Its lead product ESKATA is a hydrogen peroxide topical solution that is FDAapproved to treat raised seborrheic keratosis, a common non-malignant tumor.

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 Defendants failed to disclose to investors: (1) that the Company’s advertising materials minimized the risks and overstated the efficacy of ESKATA to generate sales; (2) that, as a result, the Company was reasonably likely to face regulatory scrutiny; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On November 6, 2019, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on January 24, 2020.

The parties entered into a Stipulation of Settlement on July 30, 2021. On August 18, the Court granted preliminary approval of the Settlement. On December 9, the Court granted final approval of the Settlement and entered Final Judgment.

On September 7, 2022, the Court issued an Order approving distribution of the net Settlement funds.