SAN DIEGO & EWING, N.J.--(BUSINESS WIRE)-- Shareholder rights law firm Robbins Arroyo LLP announces that a class action complaint was filed against Antares Pharma, Inc. (NasdaqCM: ATRS). The complaint is brought on behalf of all purchasers of Antares securities between December 21, 2016 and October 12, 2017, for alleged violations of the Securities Exchange Act of 1934 by Antares' officers and directors. Antares, a specialty pharmaceutical company, develops pharmaceutical delivery systems, including needle-free and mini-needle injector systems and transdermal gel technologies. Antares' lead product candidate is known as Xyosted.
View this information on the law firm's Shareholder Rights Blog:
Antares Accused of Overstating Approval Prospects for its Drug
According to the complaint, on December 21, 2016, Antares announced its submission of a New Drug Application ("NDA") for Xyosted to the U.S. Food and Drug Administration ("FDA") and spoke optimistically about the drug's potential. The complaint alleges that Antares officials provided insufficient data to the FDA for its NDA and overstated the approval prospects for Xyosted. On October 12, 2017, Antares revealed that the company had received a letter from the FDA stating that the agency had "identified deficiencies that preclude the continuation of the discussion of labeling and post marketing requirements/commitments" for Xyosted. On this news, Antares' stock fell $1.41 per share, or 37.8%, to close at $2.32 per share on October 13, 2017. On October 20, 2017, Antares announced receipt of a Complete Response Letter from the FDA stating that the FDA cannot approve the NDA due to concerns about increase in blood pressure and the occurrence of depression and suicidality.
Antares Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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Source: Robbins Arroyo LLP