|By Marketwired .||
|January 27, 2014 06:19 PM EST||
OKLAHOMA CITY, OK -- (Marketwired) -- 01/27/14 -- Federman & Sherwood, a law firm with extensive experience representing investors in securities, derivative and merger-related shareholder class actions, announces the filing of the first securities class action lawsuit against Sarepta Therapeutics, Inc. (NASDAQ: SRPT) ("Sarepta"), as filed in the United States District Court for the District of Massachusetts. The complaint alleges violations of federal securities laws; more specifically, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of materially false or misleading statements surrounding its disease-modifying drug, eteplirsen, which is used in the treatment of Duchenne muscular dystrophy or DMD. These statements had the effect of artificially inflating the market price of Sarepta's stock during the period of July 24, 2013 through and including November 12, 2013 (the "Class Period").
During this Class Period, it is alleged that Sarepta issued a series of multiple statements concerning, among other things: (1) the prospects of the Food and Drug Administration's ("FDA") acceptance for consideration of a New Drug Application ("NDA") for eteplirsen based on Sarepta's Phase IIb study data set, and (2) the significance of that data set. However, during a meeting on November 12, 2013, the FDA informed Sarepta that its announced, anticipated NDA filing for eteplirsen was premature. On this negative news, Sarepta's stock price fell $23.40, a decline of 64%, from its closing price of $36.56 per share on November 11, 2013, to $13.16 per share on November 12, 2013, on extraordinary volume.
Plaintiff seeks to recover damages on behalf of all Sarepta investors who purchased common stock during the Class Period and are therefore members of the prospective Class as described above. Investors may move the Court no later than Friday, March 28, 2014 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: