Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Inotek Pharmaceuticals Corporation
Oklahoma City, OK (January 9, 2017) – On January 6, 2017, a securities class action lawsuit was filed in the United States District Court for the District of Massachusetts against Inotek Pharmaceuticals Corporation (NASDAQ: ITEK). 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 July 23, 2015 through December 30, 2016. More specifically, this litigation was filed because Inotek misrepresented the efficacy of its drug candidate Trabodenoson and its attendant capacity to receive New Drug Approval by the U.S. Food and Drug Administration.
On January 3, 2017, Inotek announced that the phase III trial of Trabodenoson had failed to achieve this primary endpoint of superiority in reduction of intraocular pressure. On this news, shares of Inotek fell to close at $1.75 per share on January 3, 2017.
Plaintiff seeks to recover damages on behalf of all Inotek Pharmaceuticals Corporation 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, March 7, 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 Mon, January 9, 2017
by Nancy Beatty filed under