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Oklahoma City, OK (June 4, 2019) – On June 3, 2019, a securities class action lawsuit was filed in the United States District Court for the Southern District of California against Heron Therapeutics, Inc. (NASDAQ: HRTX). 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 October 31, 2018 through April 30, 2019. More specifically, the complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Heron had failed to include adequate Chemistry, Manufacturing, and Controls (“CMC”) and non-clinical information in its NDA for HTX-011; (ii) the foregoing increased the likelihood that the FDA would not approve Heron’s NDA for HTX-011; and (iii) as a result, Heron’s public statements were materially false and misleading at all relevant times.
On October 31, 2018, Heron announced the submission of its New Drug Application (“NDA”) for HTX-011 to the U.S. Food and Drug Administration (“FDA”) for postoperative pain management.
On May 1, 2019, Heron announced receipt of a Complete Response Letter (“CRL”) from the FDA on April 30, 2019, regarding Heron’s NDA for HTX-011 for the management of postoperative pain (the “May 2019 Press Release”). In the May 2019 Press Release, Heron advised investors that “[t]he CRL stated that the FDA is unable to approve the NDA in its present form based on the need for additional CMC and non-clinical information.”
On this news, Heron’s stock price fell $3.93 per share, or 18.13%, to close at $17.75 per share on May 1, 2019.
Plaintiff seeks to recover damages on behalf of all Heron Therapeutics, 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 Monday, August 5, 2019 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.
If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact: Robin Hester at firstname.lastname@example.org