PHILADELPHIA, Dec. 16, 2014 (GLOBE NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. filed a class action lawsuit in the United States District Court, Southern District of New York, 14cv09906, on behalf of purchasers of ADHD securities between March 28, 2014 and November 14, 2014.
Alcobra Ltd is an emerging pharmaceutical company. (Nasdaq:ADHD) The Complaint was filed against Alcobra Ltd. and its officers/directors, who misrepresented and/or concealed material adverse facts about the Company's operations and financial prospects. Specifically, defendants misrepresented and/or failed to disclose that: (1) MDX did not show a statistical benefit over placebo until patients were removed from the Company's analysis of the Phase III study; (2) the Company was presenting it analyses inconsistently, including post hoc analysis outside the original protocols; and (3) as a result of the foregoing, defendants' statements about Alcobra's business, operations and prospects, including statements about the clinical success of MDX, were false and misleading and or lacked a reasonable basis. On October 6, 2014, the Company announced topline results from its Phase III study of MDX in Adult ADHD, and declared that MDX demonstrated a statistically significant improvement in ADHD symptoms. Then on October 22, 2014, the Company announced that the MDX Phase III study, in fact, did not demonstrate a statistically significant improvement in patient symptoms, stating in relevant part: "While a complete ITT analysis by ADHD subtypes is still ongoing…the magnitude of symptom improvement appears to be similar in all subtypes, and the Predominantly-Inattentive ADHD (PI-ADHD) subtype alone did not produce a statistically significant outcome."
Thereafter, on November 17, 2014, Alcobra announced that the Company planned to meet with the FDA and launch a second adult Phase III study in 2015. According to the Company, Alcobra is "currently evaluating changes to the design and monitoring of the second trial to control the unusually high placebo response and wide response variability observed in the first Phase III study." Following each announcement, Alcobra shares declined significantly on unusually heavy volume.
If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the Court no later than January 20, 2015. 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 a member of the proposed Class. To discuss this action or ask questions concerning this notice or your rights, please contact plaintiff's counsel, toll-free 866-561-3600 or via email at debbie@bernardmgross.com or susang@bernardmgross.com. The firm has expertise in prosecuting class actions alleging violations of the federal securities laws.
To discuss this action or have any questions concerning this Notice with respect to these matters, PLEASE CONTACT:
| Law Offices Bernard M. Gross, P.C. | |
| Susan R. Gross, Esq. | |
| Deborah R. Gross, Esq. | |
| Telephone: 866-561-3600 (toll free) or 215-561-3600 | |
| E-mail: | susang@bernardmgross.com or |
| debbie@bernardmgross.com. | |
| Website: http://www.bernardmgross.com |