Zynerba Pharmaceuticals, Inc. Securities Litigation
On or around 09/16/2021 (Date of order of final judgment)
Filing Date: October 23, 2019
According to the Complaint, Zynerba Pharmaceuticals, Inc. was formerly known as AllTranz, Inc. and changed its name to Zynerba Pharmaceuticals, Inc. in August 2014. Zynerba operates as a clinical stage specialty pharmaceutical company. The Company focuses on developing pharmaceutically-produced transdermal CBD therapies for rare and near-rare neuropsychiatric disorders.
The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Zygel was proving unsafe and not well-tolerated in the BELIEVE 1 Trial; (2) the foregoing created a foreseeable, heightened risk that Zynerba would fail to secure the necessary regulatory approvals for commercializing Zygel for the treatment of DEE in children and adolescents; and (3) as a result, Zynerba’s public statements were materially false and misleading at all relevant times.
On January 9, 2020, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on March 9. Defendants filed a Motion to Dismiss the amended Complaint on April 23. On November 25, the Court issued an Order denying Defendants' Motion to Dismiss.
On March 8, 2021, the parties notified the Court that they had reached an agreement in principle to Settle the case. The parties entered into a Stipulation of Settlement on April 30. On May 12, the Court issued an Order granting preliminary approval of the Settlement. On September 16, the Court granted final approval of the Settlement and entered Final Judgment. The Court issued an Order granting Plaintiffs' Motion to Distribute the net Settlement on March 2, 2022.
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