World News: 21:29 GMT Wednesday 12th June 2019. [Faruqi & Faruqi LLP via Globe Newswire via SPi World News]
NEW YORK, June 12, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Heron Therapeutics, Inc. (“Heron”) or the (“Company”) (NASDAQ:HRTX) of the August 5, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
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The lawsuit has been filed in the U.S. District Court for the Southern District of California on behalf of all those who purchased Heron securities between October 31, 2018 and April 30, 2019 (the “Class Period”). The case, , No. 3:19-cv-01038 was filed on June 3, 2019, and has been assigned to Judge Larry Alan Burns.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Heron had failed to include adequate Chemistry, Manufacturing, and Controls (“CMC”) and non-clinical information in its NDA for HTX-011; and (2) the foregoing increased the likelihood that the FDA would not approve Heron’s NDA for HTX-011.
On May 1, 2019, Heron announced receipt of a Complete Response Letter (“CRL”) from the FDA on April 30, 2019, regarding Heron’s NDA for HTX-011 for the management of postoperative pain (the “May 2019 Press Release”). In the May 2019 Press Release, Heron advised investors that “[t]he CRL stated that the FDA is unable to approve the NDA in its present form based on the need for additional CMC and non-clinical information.”
On this news, the Company's stock price fell from $21.68 per share on April 30, 2019 to $17.75 per share on May 1, 2019: a $3.93 or 18.13% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. 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. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Heron’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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Globe Newswire: 21:29 GMT Wednesday 12th June 2019
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