Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Antares Pharma, Inc. (Nasdaq: ATRS) have filed a class action complaint against the company’s officers and directors for alleged violations of the Securities Exchange Act of 1934 between December 21, 2016 and October 12, 2017. Antares, a specialty pharmaceutical company, develops pharmaceutical delivery systems.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/antares-pharma-inc-nov-2018/
Antares New Drug Application Delayed Over Side Effects
According to the consolidated amended complaint filed on October 9, 2018, Antares announced its submission of a New Drug Application (“NDA”) for Xyosted to the U.S. Food and Drug Administration (“FDA”) on December 21, 2016. Antares officials spoke optimistically about the drug’s potential while downplaying adverse events involving suicide and high blood pressure that occurred in Xyosted’s clinical trials. On October 12, 2017, Antares revealed that FDA had “identified deficiencies that preclude the continuation of the discussion of labeling and post marketing requirements/commitments” for Xyosted. On this news, Antares’ stock fell nearly 38% to close at $2.32 per share on October 13, 2017. Days earlier, Antares’s Chairman of the Board, Leonard S. Jacob, sold hundreds of thousands of shares of Antares stock, reaping a windfall of nearly $1 million. On October 1, 2018, the company announced that the FDA finally had approved the drug, but required a black box warning describing risks of increased blood pressure and suicide.
Antares Shareholders Have Legal Options
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Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, [email protected], or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Sign up for our FREE portfolio monitoring service, Stock Watch.
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