NEW YORK, Sept. 11, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire is investigating certain officers and directors of Mammoth Energy Services, Inc. (NASDAQ: TUSK), Acer Therapeutics, Inc. (NASDAQ: ACER), Realogy Holdings Corp. (NYSE: RLGY), and AxoGen, Inc. (AXGN) on behalf of long-term stockholders. More information about each potential case can be found at the link provided.
Mammoth Energy Services, Inc. (NASDAQ: TUSK)
Bragar Eagel and Squire is investigating certain officers and directors of Mammoth Energy Services, Inc. following a class action complaint that was filed against Mammoth Energy on June 7, 2019.
The complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Mammoth’s subsidiary, Cobra, improperly obtained two infrastructure contracts with PREPA that totaled over $1.8 billion; (2) specifically, the contracts were awarded as the result of improper steering and not a competitive RFP process; and (3) as a result, defendants statements about Mammoth’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
For more information on our investigation into Mammoth, go to: https://bespc.com/TUSK
Acer Therapeutics, Inc. (NASDAQ: ACER)
Bragar Eagel and Squire is investigating certain officers and directors of Acer Therapeutics, Inc. following a class action complaint that was filed against Acer on August 30, 2019.
The complaint alleges that on September 19, 2017, Acer announced that it had closed a merger with Opexa Therapeutics, Inc. ("Opexa"), whereby Acer survived as a wholly-owned subsidiary of Opexa (the "Opexa Merger").
Following the Opexa Merger, Opexa changed its name to Acer Therapeutics Inc and Private Acer's management took control of the combined company. Immediately prior to the Opexa Merger, Opexa's Board of Directors and Neil K. Warma ("Warma"), Opexa's then-President, Chief Executive Officer ("CEO"), Acting Chief Financial Officer, and Secretary, resigned. On September 21, 2017, Acer began trading on the NASDAQ under the ticker symbol "ACER." On December 26, 2018, Acer announced that the U.S. Food and Drug Administration ("FDA") had accepted the Company's NDA for EDSIVO for the treatment of vEDS in patients with a confirmed type III collagen mutation, as well as the FDA's grant of priority review of the NDA and an assigned Prescription Drug User Fee Act ("PDUFA") target action date of June 25, 2019.
The complaint further alleges that throughout the class period, defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Acer lacked sufficient data to support filing EDSIVO's NDA with the FDA for the treatment of vEDS; (ii) the Ong Trial was an inadequate and ill-controlled clinical study by FDA standards, and was comprised of an insufficiently small group size to support EDSIVO's NDA; (iii) consequently, the FDA would likely reject EDSIVO's NDA; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times. On June 25, 2019, Acer issued a press release titled "Acer Therapeutics Receives Complete Response Letter from U.S. FDA for use of EDSIVO (celiprolol) in vEDS" Patients (the "June 2019 Press Release"). In the June 2019 Press Release, Acer disclosed receipt of a Complete Response Letter ("CRL") from the FDA regarding its NDA for EDSIVO for the treatment of vEDS. Acer advised investors that "[t]he CRL states that it will be necessary to conduct an adequate and well-controlled trial to determine whether celiprolol reduces the risk of clinical events in patients with vEDS" and that "Acer plans to request a meeting to discuss the FDA's response." That same day, news sources reported that the small group size of the Ong Trial had raised questions among experts about the adequacy of EDSIVO's trial results.
Following this news, Acer's stock price fell $15.16 per share, or 78.63%, to close at $4.12 per share on June 25, 2019.
For more information on our investigation into Acer go to: https://bespc.com/acer-2
Realogy Holdings, Corp. (NYSE: RLGY)
Bragar Eagel and Squire is investigating certain officers and directors of Realogy Holdings Corp. following a class action complaint that was filed against Realogy Holdings on July 11, 2019.
The complaint alleges that throughout the class period defendants made false and/or misleading statements and/or failed to disclose that: (1) Realogy was engaged in anticompetitive behavior by requiring property sellers to pay the commissions of a buyer’s broker at an inflated rate; (2) Realogy’s anticompetitive actions would prompt the U.S. Department of Justice to open an antitrust investigation into the real estate industry’s practices regarding brokers’ commissions; and (3) as a result, defendants’ statements about the Realogy’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
For more information on our investigation into Realogy Holdings go to: https://bespc.com/rlgy
AxoGen, Inc. (NASDAQ: AXGN)
Bragar Eagel and Squire is investigating certain officers and directors of AxoGen, Inc. following a class action complaint that was filed against AxoGen on January 9, 2019.
According to the complaint, throughout the class period defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants failed to disclose that: (1) the company aggressively increased prices to mask lower sales; (2) the company’s pricing alienated customers and threatened the company’s future growth; (3) ambulatory surgery centers form a significant part of the market for the company’s products; (4) such centers were especially sensitive to price increases; (5) the company was dependent on a small number of surgeons whom the company paid to generate sales; (6) company’s consignment model for inventory was reasonably likely to lead to channel stuffing; (7) the company offered purchase incentives to sales representatives to encourage channel stuffing; (8) the company’s sales representatives were encouraged to backdate revenue to artificially inflate metrics; (9) the company lacked adequate internal controls to prevent such channel stuffing and backdating of revenue; (10) the company’s key operating metrics, such as number of active accounts, were overstated; and (11) as a result of the foregoing, defendants’ positive statements about the company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
For more information on our investigation in to AxoGen go to https://bespc.com/axgn-2
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contacts
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com