NEW YORK, Jan. 31, 2014 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action has been filed in the United States District Court for the District of Massachusetts, on behalf of all purchasers of Sarepta Therapeutics, Inc. securities ("Sarepta" or "Company") (Nasdaq:SRPT) between July 24, 2013 and November 12, 2013, inclusive (the "Class Period"), alleging violations of the Securities Exchange Act of 1934.
If you purchased Sarepta during the Class Period, you may, no later than March 28, 2014, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint alleges that Sarepta issued materially false or misleading statements concerning, among other things: (1) the prospects of the Food and Drug Administration's ("FDA") acceptance for consideration of a New Drug Application ("NDA") for eteplirsen based on Sarepta's Phase IIb study data set, and (2) the significance of that data set. On November 12, 2013, the FDA informed Sarepta that its anticipated NDA filing for eteplirsen was premature. Following this news, Sarepta's stock price fell $23.40, a decline of 64%, from its closing price of $36.56 per share on November 11, 2013, to $13.16 per share on November 12, 2013, on extraordinary volume.
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