|By PR Newswire||
|February 14, 2014 02:57 PM EST||
NEW YORK, Feb. 14, 2014 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of DURECT Corporation ("DURECT" or the "Company")(NasdaqGS: DRRX). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 237.
The investigation concerns whether DURECT and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On Wednesday, February 12, 2014, DURECT announced that the U.S. Food and Drug Administration ("FDA") has issued a Complete Response Letter for POSIDUR™ (SABER®-Bupivacaine), an investigational drug for administration into the surgical site to produce post-surgical analgesia. The Company stated that, "based on its review, the FDA has determined that they cannot approve the NDA in its present form, stating the NDA does not contain sufficient information to demonstrate that POSIDUR is safe when used in the manner described in the proposed label, and the FDA has indicated that additional clinical safety studies need to be conducted."
On this news, DURECT shares fell $0.40 per share to $1.55, or more than 20.51%, on February 13, 2014.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP