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Oklahoma City, OK (November 21, 2019) – On November 14, 2019, a securities class action lawsuit was filed in the United States District Court for the District of Utah against Lipocine Inc. (NASDAQ: LPCN). 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 27, 2019 through November 8, 2019. More specifically, according to the lawsuit, the defendants’ statements throughout the Class Period were false and/or misleading and/or failed to disclose that: (1) the results from Lipocine’s clinical studies of TLANDO were insufficient to demonstrate the drug’s efficacy; (2) accordingly, Lipocine’s third new drug application for TLANDO was highly likely to be found deficient by the U.S. Food and Drug Administration (“FDA”); and (3) as a result, defendants’ statements regarding Lipocine’s business, operations, and prospects, were materially false and misleading.
On March 27, 2019, during pre-market hours, Lipocine issued a press release announcing new topline results from a study evaluating TLANDO’s effects on blood pressure (one issue cited by the FDA in a prior Complete Response Letters (“CRL”) rejecting TLANDO’s New Drug Applications (“NDA”), as well as the Company’s intention to refile the NDA for TLANDO in the second quarter of 2019 (the “March 2019 Press Release”).
On November 11, 2019, Lipocine issued a press release announcing receipt of a CRL from the FDA regarding its NDA for TLANDO. In the press release, Lipocine advised investors that the FDA had again rejected the NDA for TLANDO—this time because an efficacy trial had not met three of its secondary endpoints. On this news, Lipocine’s stock price fell $1.93 per share, or 70.7%, to close at $0.80 per share on November 11, 2019.
Plaintiff seeks to recover damages on behalf of all Lipocine 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 14, 2020 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.
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