SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Lipocine Inc. - LPCN
WILMINGTON, Del., July 05, 2016 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
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Do you, or did you, own shares of Lipocine Inc. (NASDAQ:LPCN)?
- Did you purchase your shares between June 30, 2015 and June 28, 2016, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the District of New Jersey on behalf of all persons or entities that purchased the common stock of Lipocine Inc. (“Lipocine” or the “Company”) (NASDAQ:LPCN) between June 30, 2015 and June 28, 2016, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Lipocine during the Class Period, or purchased shares prior to the Class Period and still hold Lipocine, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at: http://rigrodskylong.com/investigations/lipocine-inc-lpcn.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) the Company’s filing of its New Drug Application (“NDA”) for its lead product candidate, TLANDOTM (“LPCN 1021”), to the U.S. Food and Drug Administration (“FDA”) contained deficiencies; and (2) as a result, Defendants’ statements about Lipocine’s business and operations were false and misleading and/or lacked a reasonable basis. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on June 29, 2016, the Company announced that it had received a Complete Response Letter (“CRL”) from the FDA regarding its NDA for LPCN 1021. The CRL identified deficiencies related to the dosing algorithm for the label. Specifically, the proposed titration scheme for clinical practice was significantly different from the titration scheme used in the Phase 3 trial leading to discordance in titration decisions between the Phase 3 trial and real-world clinical practice.
On this news, shares of Lipocine plummeted over 50%, closing at $3.10 per share on June 29, 2016, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than August 30, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed 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.
Attorney advertising. Prior results do not guarantee a similar outcome.
CONTACT: Rigrodsky & Long, P.A. Timothy J. MacFall, Esquire Peter Allocco (888) 969-4242 (516) 683-3516 Fax: (302) 654-7530 info@rl-legal.com http://www.rigrodskylong.com
