|Class Period:||Aug-6-14 to Apr-23-15|
|Lead Plaintiff Deadline:||Jun-29-15|
|Court:||District of New Jersey|
The Complaint was filed against AERI and its officers/directors who misrepresented and/or concealed material adverse facts about the Company's operations and financial prospects. Specifically, Rhopressa(TM) was in recent drug trials that compared it to an older, twice per day eye drop called Timolol. The study was designed to show that Rhopressa(TM) was not inferior to Timolol at reducing intraocular pressure (IOP) after two weeks, six weeks and 90 days of treatment.
In August, 2014, Aerie issued a press release announcing that the Phase 2b clinical trial demonstrated a strong IOP-lowering effect. Pending successful advancement in Phase 3 registration studies, the Company expected to submit an NDA filing by mid-2016. Shortly thereafter, one of Aerie's largest beneficial holders of the stock sold 1.225 million shares at artificially inflated prices for proceeds of $35.1 million.
Then, on April 23, 2015 Aerie announced that Rhopressa(TM) Phase 3 results did not meet its primary efficacy endpoint of demonstrating non-inferiority of IOP lowering for once daily Rhopressa(TM) compared to twice daily Timolol. As a result of this news, the price of Aerie stock plummeted from $22.52 per share to close at $12.87 per share on April 24, 2015, a one day decline of nearly 64% on volume of nearly 14.7 million shares. In fact, defendants' statements about the prospects for the Phase 3 Rhopressa(TM) study were materially false and misleading as Rhopressa(TM) was not performing as well as Timolol and would not lead to commercial success.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.