PHILADELPHIA, July 02, 2015 (GLOBE NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. (http://www.bernardmgross.com) today announces that it filed a class action lawsuit in the U. S. District Court for the Southern District of California, 15cv01458, on behalf of common stock purchasers of Celladon Corporation (“Celladon”) (NASDAQ:CLDN) during the period between July 7, 2014 and June 25, 2015.
If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the Court no later than August 31, 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.
The complaint charges Celladon and certain of its officers/directors with violations of the Securities Exchange Act of 1934. Celladon, a clinical-stage biotechnology company, with no drugs or therapies on the market, and no earnings, focuses on developing cardiovascular gene therapy and calcium dysregulation. MYDICAR was its first most promising investigational drug for heart failure patients. Its officers/defendants were paid high salaries despite the lack of earnings and sold stock at Class Period high prices.
The complaint alleges that during the Class Period, defendants made false and misleading statements and/or failed to disclose adverse information regarding the prospects for MYDICAR. Among the undisclosed material information was that success in the CUPID1 trials was really not indicative of any success in the CUPID2 trials since the CUPID1 trial was extremely small, and that the Company’s existence was tied to trial results which limitations defendants were aware.
On June 26, 2015 in a complete surprise to the market, Celladon announced the suspension of research and development of its MYDICAR program and the possible liquidation of the company. As a result, the price of CLDN stock declined 38% to close at $1.35 per share.
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