San Diego, CA -- (ReleaseWire) -- 04/29/2014 -- An investor, who purchased shares of The Medicines Company (NASDAQ:MDCO), filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by The Medicines Company in connection with certain allegedly false and misleading statements made between February 20, 2013 and February 12, 2014.
If you purchased shares of The Medicines Company (NASDAQ:MDCO), you have certain options and for certain investors are short and strict deadlines running. Deadline: April 22 2014. NASDAQ:MDCO 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 The Medicines Company (NASDAQ:MDCO) between February 20, 2013 and February 12, 2014, that The Medicines Company 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 the defendants made allegedly false and/or misleading statements and/or failed to disclose that Cangrelor, The Medicines Company drug candidate designed to prevent blood clots during heart artery-clearing angioplasty and stenting procedures, did not show superiority to clopidogrel, a competing drug already approved by the U.S. Food and Drug Administration ("FDA"), that The Medicines Company’a CHAMPION clinical trials which compared the efficacy of Cangrelor to clopidogrel were unethically and inappropriately administered including by delaying administration of clopidogrel and lowering its dosage, and that as a result of the foregoing, The Medicines Company's public statements were materially false and misleading at all relevant times.
The Medicines Company reported that its annual Total Revenue rose from $404.24 million in 2009 to $558.59 million in 2012 and that its Net Loss of $76.23 million in 2009 into a Net Income of$127.88 million in 2011, respectively $51.25 million in 2012.
Shares of The Medicines Company (NASDAQ:MDCO) grew from $6.47 per share in May 2009 to as high as $40.39 per share on January 10, 2014.
Then on February 10, 2014, a report was published by the Food and Drug Administration ("FDA") regarding The Medicines Company’s drug candidate Cangrelor, designed to prevent blood clots during heart artery-clearing angioplasty and stenting procedures. Then on February 12, 2014, The FDA’s Cardiovascular and Renal Drugs Advisory Committee in 7-2 vote recommended against the approval of cangrelor.
Shares of The Medicines Company declined from over $40 in early January 2014 to as low as $28.03 per share on February 13, 2014.
On April 25, 2014, NASDAQ:MDCO shares closed at $26.05 per share.
Those who purchased shares of The Medicines Company (NASDAQ:MDCO) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego