Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Cempra, Inc.
Oklahoma City, OK (November 8, 2016) – On November 4, 2016, a securities class action lawsuit was filed in the United States District Court for the Middle District of North Carolina against Cempra, Inc. (NASDAQ: CEMP). 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 May 1, 2016 through November 1, 2016. More specifically, this litigation was filed because the Company failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) solithromycin posed significant safety risks for hepatotoxicity; and (ii) as a result of the foregoing, the Company’s public statements were materially false and misleading at all relevant times. On November 2, 2016 the FDA posted on its website a briefing document addressing solithromycin. The FDA reported that “[a] significant safety signal for hepatotoxicity was observed in the solithromycin development program,” and there was concern for “the high rate of infusion site-related reactions.”
On November 4, 2016, the Company issued a press release announcing that NASDAQ has halted trading of the Company’s common stock. However, the Company’s returned to taking on November 7, 2016. The Company’s stock closed at $6.85 per share on November 7, 2016.
Plaintiff seeks to recover damages on behalf of all Cempra, Inc. 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 Tuesday, January 3, 2017 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 Tue, November 8, 2016
by Robin Hester filed under