Antares Pharma, Inc (Nasdaq: ATRS)
A a class action lawsuit has been filed against Antares Pharma, Inc. ("Antares" or the "Company") (ATRS) securities and certain of its officers, on behalf of a class who purchased Antares shares between December 21, 2016, and October 12, 2017, both dates inclusive (the "Class Period").
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
Antares develops pharmaceutical delivery systems, including needle-free and mini-needle injector systems and transdermal gel technologies. The Company distributes its needle-free injector systems in various countries. Antares also conducts research and development with transdermal gel products and has several products in clinical evaluation with partners.
Antares's product Xyosted (originally known as QuickShot Testosterone or QST) has been among its lead product candidates at all relevant times. Antares announced its submission of a New Drug Application ("NDA") for Xyosted to the U.S. Food and Drug Administration ("FDA") on December 21, 2016.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding its business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Antares had provided insufficient data to the FDA in connection with its NDA for Xyosted; (2) accordingly, Antares had overstated the approval prospects for Xyosted; and (3) consequently, Antares' public statements were materially false and misleading at all relevant times.
On October 12, 2017, post-market, Antares disclosed that on October 11, 2017, the Company 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. Following this news, the Company's share price fell $1.41, or 37.80%, to close at $2.32 on October 13, 2017.
On October 20, 2017, post-market, Antares announced receipt of a Complete Response Letter ("CRL") from the FDA regarding the NDA for Xyosted, "indicat[ing] that the FDA cannot approve the NDA in its present form." The Company stated, in part that "the FDA is concerned that XYOSTED could cause a clinically meaningful increase in blood pressure" and also "raised a concern regarding the occurrence of depression and suicidality."
If you are a current shareholder and purchased stock between December 21, 2016, and October 12, 2017, and would like to discuss your options of exercising your rights as a shareholder, please contact us.
Please submit the following information so we can determine if you qualify for the suit. If you don't know all the specific details, partial information is also acceptable.
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