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WILMINGTON, Del., April 17, 2019 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities that purchased the common stock of Zogenix, Inc. (“Zogenix” or the “Company”) (NASDAQ GM: ZGNX) between February 6, 2019 and April 8, 2019, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Zogenix during the Class Period, or purchased shares prior to the Class Period and still hold Zogenix, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Seth D. Rigrodsky or Timothy J. MacFall at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, DE 19801, by telephone at (888) 969-4242, by e-mail at email@example.com, or at http://rigrodskylong.com/contact-us/.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (i) Zogenix’s New Drug Application (“NDA”) for FINTEPLA contained inadequate non-clinical data and an incorrect version of a clinical dataset; (ii) consequently, Zogenix’s NDA for FINTEPLA was unlikely to gain FDA approval; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on April 8, 2019, Zogenix announced that the Company had received a Refusal To File (“RTF”) letter from the FDA stating that the Company‘s NDA for FINTEPLA was not sufficiently complete to permit a substantive review. Zogenix advised investors that “the FDA determined that the NDA . . . was not sufficiently completed to permit a substantive review . . . . [F]irst, certain non-clinical studies were not submitted to allow assessment of the chronic administration of fenfluramine; and, second, the application contained an incorrect version of a clinical dataset, which prevented the completion of the review process that is necessary to support the filing of the NDA.”
On this news, shares of Zogenix declined over 22%, closing at $39.96 per share on April 9, 2019, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than June 11, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed 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.
Rigrodsky & Long, P.A., with offices in Delaware, New York, and California, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions.
Attorney advertising. Prior results do not guarantee a similar outcome.