San Diego, CA -- (ReleaseWire) -- 01/29/2014 -- An investor, who purchased shares of Sarepta Therapeutics Inc (NASDAQ:SRPT), filed a lawsuit in the U.S. District Court for the District of Massachusetts over alleged violations of Federal Securities Laws by Sarepta Therapeutics Inc in connection with certain allegedly false and misleading statements made between July 24, 2013 and November 12, 2013.
Investors who purchased shares of Sarepta Therapeutics Inc (NASDAQ:SRPT) have certain options and for certain investors are short and strict deadlines running. Deadline: March 28, 2014. NASDAQ:SRPT investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Sarepta Therapeutics Inc (NASDAQ:SRPT) between July 24, 2013 and November 12, 2013, that Sarepta Therapeutics Inc and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically, the plaintiff claims that defendants between July 24, 2013 and November 12, 2013, issued a series of multiple statements concerning, among other things the prospects of the Food and Drug Administration's ("FDA") acceptance for consideration of a New Drug Application ("NDA") for eteplirsen based on Sarepta Therapeutics Inc's Phase IIb study data set, and (2) the significance of that data set.
Sarepta Therapeutics Inc reported that its quarterly Revenue declined from $7.34 million in the fourth quarter 2012 to $4.47 million in the first and $2.95 million in the second quarter 2013, while its Net Loss decreased over those quarters from $62.07 million to $42.08 million, respectively $19.05 million.
Shares of Sarepta Therapeutics Inc (NASDAQ:SRPT) grew from under $24 in early 2013 to as high as $53.81 per share in October 2013.
Then on November 12, 2013, Sarepta Therapeutics Inc reported its third quarter 2013 financial results.
The plaintiff claims that during a meeting on November 12, 2013, the FDA informed Sarepta Therapeutics Inc that its announced, anticipated NDA filing for eteplirsen was premature.
Shares of Sarepta Therapeutics Inc (NASDAQ:SRPT) dropped from $37.74 per share on November 11, 2013, to $13.885 per share on November 12, 2013.
Those who purchased shares of Sarepta Therapeutics Inc (NASDAQ:SRPT) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego