Law Offices of Howard G. Smith reminds investors of the upcoming August 30, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Acer Therapeutics Inc. (Acer or the Company) (NASDAQ: ACER) securities between September 25, 2017 and June 24, 2019, inclusive (the Class Period).
Investors suffering losses on their Acer investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
On June 25, 2019, the Company revealed a Complete Response Letter (CRL) from the U.S. Food and Drug Administration regarding its marketing application for EDSIVO, a medication for the treatment of Ehlers-Danlos syndrome. According to the CRL, an adequate and well-controlled trial was required to determine whether EDSIVO reduces the risk of clinical events in patients with vascular Ehlers-Danlos syndrome.
On this news, the Companys share price fell $15.16, or nearly 79%, to close at $4.12 on June 25, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Companys business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) Acer lacked sufficient data to support filing EDSIVOs NDA with the FDA for the treatment of vEDS; (2) the Ong Trial was an inadequate and ill-controlled clinical study by FDA standards, and was comprised of an insufficiently small group size to support EDSIVOs NDA; (3) consequently, the FDA would likely reject EDSIVOs NDA; and (4) that, as a result of the foregoing, Defendants positive statements about the Companys business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you purchased shares of Acer during the Class Period you may move the Court no later than August 30, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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