Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) (http://www.rgrdlaw.com/cases/aerie/) today announced that a class action has been commenced in the United States District Court for the District of New Jersey on behalf of purchasers of Aerie Pharmaceuticals, Inc. (“Aerie”) (NASDAQ:AERI) publicly traded securities during the period between August 6, 2014 and April 23, 2015 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiffs’ counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at djr@rgrdlaw.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/aerie/. Any member of the putative 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.
The complaint charges Aerie and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Aerie is a clinical-stage pharmaceutical company focused on the discovery, development and commercialization of therapies for the treatment of patients with glaucoma and other diseases of the eye. The Company’s lead product candidate is RhopressaTM (“Rhopressa”), a once-per-day eye drop that is designed to lower intraocular pressure (“IOP”) in patients with glaucoma or ocular hypertension. Rhopressa was in recent drug trials that were designed to show that Rhopressa was not inferior to an older, twice-per-day eye drop called timolol at reducing IOP after two weeks, six weeks, and 90 days of treatment.
The complaint alleges that during the Class Period, defendants made false and misleading statements and/or failed to disclose adverse information regarding the Company’s prospects for Rhopressa, including that Rhopressa was not performing as well as timolol and would not lead to commercial success for Aerie. As a result of these false and misleading statements and/or omissions, Aerie securities traded at artificially inflated prices during the Class Period, with its stock price reaching a Class Period high of $35.39 per share.
Then on April 23, 2015, Aerie issued a press release announcing the results of its first Phase 3 registration trial for Rhopressa. According to the release, “[t]he trial did not meet its primary efficacy endpoint of demonstrating non-inferiority of IOP lowering for once-daily RhopressaTM compared to twice-daily timolol, the most widely used comparator in registration trials for glaucoma.” As a result of this news, the price of Aerie stock fell $22.52 per share to close at $12.87 per share on April 24, 2015, a one-day decline of nearly 64%.
Plaintiffs seek to recover damages on behalf of all purchasers of Aerie publicly traded securities during the Class Period (the “Class”). The plaintiffs are represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Robbins Geller, with 200 lawyers in ten offices, represents U.S. and international institutional investors in contingency-based securities and corporate litigation. The firm has obtained many of the largest securities class action recoveries in history, including the largest securities class action judgment. Please visit http://www.rgrdlaw.com for more information.
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Contacts:
Darren Robbins, 800/449-4900
or 619/231-1058
djr@rgrdlaw.com
