NEW YORK, Oct. 31, 2017 /PRNewswire/ -- Scott+Scott, Attorneys at Law, LLP ("Scott+Scott"), a national securities andconsumer rights litigation firm, is notifying investors that a class action lawsuit has been filed against Antares Pharma, Inc. (NASDAQ: ATRS) ("Antares" or the "Company") and other defendants, related to alleged violations of federal securities laws.
Antares is a specialty pharmaceutical company that develops pharmaceutical delivery systems, including needle-free and mini-needle injector systems and transdermal gel technologies. Antares's product Xyosted has been among the Company's lead product candidates.
The lawsuit claims that Antares made false and misleading statements and/or failed to disclose that Antares had provided insufficient data to the U.S. Food and Drug Administration ("FDA") in connection with its New Drug Application ("NDA") for Xyosted and had overstated the approval prospects for Xyosted.
On October 12, 2017, after the market closed, Antares disclosed that on October 11, 2017, it had received a letter from the FDA stating that the agency had "identified deficiencies that preclude the continuation of the discussion of labeling and post marketing requirements/commitments" for Xyosted.
On this news, the price of Antares shares fell $1.41, or 37.80%, to close at $2.32 on October 13, 2017.
Then, on October 20, 2017, Antares announced receipt of a Complete Response Letter from the FDA regarding the NDA for Xyosted, "indicat[ing] that the FDA cannot approve the NDA in its present form" due to concerns that Xyosted "could cause a clinically meaningful increase in blood pressure" and noting concerns "regarding the occurrence of depression and suicidality."
What You Can Do
If you purchased Antares securities between December 21, 2016 and October 12, 2017, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6982, or at [email protected]. Investors have until December 22, 2017, to move for lead plaintiff.
About Scott+Scott, Attorneys at Law, LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
Joe Pettigrew Scott+Scott, Attorneys at Law, LLP (844) 818-6982 [email protected]
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SOURCE Scott+Scott, Attorneys at Law, LLP
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