|By Marketwired .||
|November 15, 2013 09:09 PM EST||
NEW YORK, NY -- (Marketwired) -- 11/15/13 -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Achillion Pharmaceuticals, Inc. ("Achillion" or the "Company") (NASDAQ: ACHN) of the December 9, 2013 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Achillion and certain executives.
A complaint has been filed on behalf of all persons who purchased Achillion securities between April 21, 2012 and September 27, 2013 (the "Class Period") in the District of Connecticut.
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that throughout the Class Period Achillion issued false and/or misleading statements regarding the effect of sovaprevir, the Company's investigative hepatitis drug, on liver enzyme elevations.
On July 1, 2013, the Company disclosed that the FDA had placed a clinical hold on sovaprevir after elevations in liver enzymes were noted in a Phase I trial. Then, on September 27, 2013, Achillion announced that it had received a response from the FDA effectively informing the Company that the removal of the clinical hold was not warranted.
Following this news, the Company's stock declined $4.22 per share, or over 58%, to close at $3.02 per share on September 30, 2013.
Request more information now by clicking here: www.faruqilaw.com/ACHN. There is no cost or obligation to you.
If you invested in Achillion stock or options between April 21, 2012 and September 27, 2013 and would like to discuss your legal rights, visit www.faruqilaw.com/ACHN. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected] or [email protected]. Faruqi & Faruqi, LLP also encourages anyone with information regarding Achillion's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.
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