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NEW YORK, Nov. 17, 2016 -- Safirstein Metcalf LLP announces that a class action has been filed in the United States District Court for the Middle District of North Carolina on behalf of purchasers of Cempra Inc. ("Cempra") (NASDAQ:CEMP) securities between May 1, 2016 and November 1, 2016 (the "Class Period").
If you purchased Cempra securities during the class period, and would like more information about getting involved in the Cempra Securities Class Action, please contact Sheila Feerick at 1-800-221-0015, or email [email protected]
If you wish to serve as lead plaintiff, you must move the Court no later than January 3, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The Complaint alleges that throughout the Class Period, defendants issued false and misleading statements to investors and/or failed to disclose that: (1) solithromycin posed significant safety risks for hepatotoxicity; and (2) as a result of the foregoing, Cempra’s public statements were materially false and misleading at all relevant times.
On November 2, 2016, the United States Food and Drug Administration (“FDA”) posted on its website a briefing document addressing solithromycin. The FDA reported that “[a] significant safety signal for hepatotoxicity was observed in the solithromycin development program,” and there was concern for “the high rate of infusion site-related reactions.” On this news, Cempra stock fell $11.35, or 60.86%, to close at $7.30 on November 2, 2016.
On November 4, 2016, Cempra issued a press release announcing that NASDAQ has halted trading of the Company’s common stock. Cempra also announced that the FDA Antimicrobial Drugs Advisory Committee (“AMDAC”) would meet that day to discuss the safety and efficacy of solithromycin to treat community-acquired bacterial pneumonia.
About Safirstein Metcalf LLP
Safirstein Metcalf LLP focuses it practice on shareholder rights. The law firm also practices in the areas of antitrust and consumer protection. All of the Firm’s legal endeavors are rooted in its core mission: provide investor and consumer protection.
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Safirstein Metcalf LLP Peter Safirstein, Esq. 1250 Broadway 27th Floor New York, NY 10001 1-800-221-0015 [email protected]
