BENSALEM, Pa.–(BUSINESS WIRE)–Law Offices of Howard G. Smith announces that a class action lawsuit has been 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”). Acer investors have until August 30, 2019 to file a lead plaintiff motion.
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 firstname.lastname@example.org.
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 Company’s 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 Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) Acer lacked sufficient data to support filing EDSIVO’s 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 EDSIVO’s NDA; (3) consequently, the FDA would likely reject EDSIVO’s NDA; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you purchased shares of Acer, have information, would like to learn more about these claims, or 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@example.com, or visit our website at www.howardsmithlaw.com.
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