Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Alcobra, Ltd.
Oklahoma City, OK (December 29, 2014) – On November 19, 2014, a securities class action lawsuit was filed in the United States District Court for the Southern District of New York against Alcobra, Ltd. (NASDAQ: ADHD). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is March 28, 2014 through November 14, 2014. More specifically, this litigation was filed because the Company failed to disclose that its drug MDX did not demonstrate a statistically significant improvement in patient symptoms until certain patients were removed from the analysis of the Phase III study, which would be inconsistent with the original protocol.
On October 22, 2014, Alcobra announced that the MDX Phase III study did not demonstrate a statistically significant improvement in patient symptoms. Then on November 17, 2014, the Company announced that it would meet with the FDA to launch a second adult Phase III study next year. On this news, the Company’s shares declined.
Plaintiff seeks to recover damages on behalf of all Alcobra, Ltd. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, January 19, 2015 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to email@example.com, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.
Posted on Mon, December 29, 2014
by Robin Hester filed under