NEW YORK, June 29, 2018 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Recro Pharma, Inc. (“Recro” or the “Company”) (NASDAQ:REPH) of the July 30, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Recro stock or options between July 31, 2017 through May 23, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/REPH. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Eastern District of Pennsylvania on behalf of all those who purchased Recro securities between July 31, 2017 through May 23, 2018 (the “Class Period”). The case, ALBERICI v. RECRO PHARMA, INC. et al, No. 18-cv-02279 was filed on May 31, 2018, and has been assigned to Judge Michael M. Baylson.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose the Company’s lead product, IV meloxicam, lacked supporting clinical data to show sufficient clinical benefits to receive U.S. Food and Drug Administration (“FDA”) approval.
Specifically, on May 24, 2018, Recro issued a press release entitled “Recro Pharma Receives Complete Response Letter from the FDA,” disclosing that the FDA had declined to approve Recro’s New Drug Application for IV meloxicam. The FDA stated that the data from ad hoc analyses and selective secondary endpoints suggest that the drug’s analgesic effect does not meet the expectations of the FDA.
After the announcement, Recro’s share price fell from $12.42 per share on May 23, 2018 to a closing price of $5.55 on May 24, 2018—a $6.87 or a 55.31% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative 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. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Recro’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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