|By PR Newswire||
|February 24, 2014 07:15 PM EST||
WAYNE, Pa., Feb. 24, 2014 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in the United States District Court for the District of New Jersey on behalf of purchasers of The Medicines Company ("Medicines" or the "Company") (NASDAQ: MDCO) common stock during the period between February 20, 2013 and February 12, 2014, inclusive (the "Class Period").
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at [email protected] or visit: www.rmclasslaw.com/cases/mdco.
The Complaint that 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: (1) Cangrelor, Medicines drug candidate designed to prevent blood clots during heart artery-clearing angioplasty and stenting procedures, did not show superiority to clopidogrel, a competing drug already approved by the U.S. Food and Drug Administration ("FDA"); (2) The Company's CHAMPION clinical trials which compared the efficacy of Cangrelor to clopidogrel were unethically and inappropriately administered including by delaying administration of clopidogrel and lowering its dosage; and (3) as a result of the foregoing, Medicines' public statements were materially false and misleading at all relevant times.
On February 10, 2014, the FDA released briefing documents ahead of a review by its Cardiovascular and Renal Drugs Advisory Committee ("CRDAF"), which was scheduled to review the New Drug Application ("NDA") for Cangrelor on February 12, 2014. In the briefing document, Thomas A. Marciniak, M.D., the FDA's Medical Team Leader for the review, found that Cangrelor did not show superiority to clopidogrel, and that the clinical trials sponsored by Medicines were unethically and inappropriately administered, including by delaying administration of clopidogrel and the lowering of the dosage of clopidogrel in the CHAMPION trial. According to Dr. Marciniak, "the CHAMPION trials were conducted unethically. We can refuse approval of Cangrelor based on that fact alone." On this news, Medicines securities declined $1.80, or over 5%, on heavy volume, to close at $32.42 on February 10, 2014.
If you are a member of the class, you may, no later than April 22, 2014, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/mdco or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at [email protected]. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
SOURCE Ryan & Maniskas, LLP