NEW YORK, Dec. 31, 2014 (GLOBE NEWSWIRE) -- Attorney Advertising. Stull, Stull & Brody, a New York based law firm with offices in Beverly Hills that specializes in representing investors nationwide, announces that a federal securities fraud lawsuit has been filed and that it has commenced an investigation into possible breaches of fiduciary duty by the directors and officers of Sarepta Therapeutics, Inc. ("Sarepta" or the "Company") (Nasdaq:SRPT).
On October 27, 2014, the Company announced a regulatory update concerning discussions with the U.S. Food and Drug Administration (the "FDA") related to Sarepta's New Drug Application ("NDA") for eteplirsen, which is in clinical development for the treatment of Duchenne muscular dystrophy. According to the Company, following a Pre-NDA meeting in September 2014, the FDA provided updated guidance regarding additional data required as part of, or at the time of, the NDA submission, including: (i) minimum duration of safety in new patients exposed to eteplirsen; (ii) patient-level natural history data from independent academic institutions; and (iii) MRI data from a recent study conducted by an independent academic group. Following this news, Sarepta shares declined more than 32%, or $7.65 per share, to close at $15.91 per share on October 27, 2014, on volume of more than 15 million shares.
This is not the setback for the NDA for eteplirsen. In November of 2013, after having predicted that the NDA for eteplirsen would be submitted in the first half of 2014, Sarepta reported that the FDA said its planned NDA for eteplirsen was premature, causing Sarepta's shares to fall 64% on November 12, 2013.
Stull, Stull & Brody is investigating, among other things, whether there were breaches of fiduciary duties in connection with (1) violations of the Company's policies by its executives; (2) wasting of corporate assets; (3) the adequacy of Sarepta's internal controls, and; (4) the accuracy of Sarepta's financial statements.
If you are a shareholder of Sarepta and have questions about your legal rights or interests with respect to these matters, please contact Michael Klein, Esq. at Stull, Stull & Brody by e-mail at SRPT@ssbny.com, by calling toll-free 1-800-337-4983, by fax to 1-212-490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. You can also visit our website at www.ssbny.com.
You may retain Stull, Stull & Brody, or other counsel of your choice, to represent you. Stull, Stull & Brody has litigated many class actions for violations of securities laws in federal courts over the past 40 years and has obtained court approval of substantial settlements on numerous occasions. Stull, Stull & Brody maintains offices in New York and Beverly Hills.
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