NEWTOWN, Pa., June 14, 2024 (GLOBE NEWSWIRE) -- Edelson Lechtzin LLP, a leading class action law firm, is investigating securities fraud claims on behalf of all investors of Marinus Pharmaceuticals, Inc. (NASDAQ: MRNS) between May 17, 2021, and May 7, 2024, inclusive (the “Class Period”).
Investors who purchased Marinus Pharmaceuticals stock may move the U.S. District Court for the Eastern District of Pennsylvania to appoint them as lead plaintiff, no later than August 5, 2024. Please contact Edelson Lechtzin LLP at 844-696-7492 to discuss your investment losses, or by e-mail at elechtzin@edelson-law.com. A copy of the class action complaint can be viewed HERE.
What is the Role of a Lead Plaintiff?
The lead plaintiff is a court-appointed representative of a class of purchasers of securities in a class action under the federal securities fraud laws. The lead plaintiff selects the attorneys who will represent the class in the lawsuit. Among other things, the lead plaintiff reviews the complaint, stays informed about the progress of the case, and if necessary, provides testimony at trial.
Background on Marinus Pharmaceuticals, Inc.
Marinus Pharmaceuticals, headquartered in Radnor, Pennsylvania, makes and sells treatments for people with rare genetic epilepsies and other seizure disorders.
The Securities Fraud Claims
Throughout the Class Period, the Complaint alleges that Defendants made false and misleading statements about the Company’s business, operations, and prospects. Specifically, the Complaint alleges that: (i) Defendants understated the risk of failing to meet the early-stopping criteria in the key RAISE trial; and (ii) Defendants did not disclose that a possible consequence of failing to meet the early-stopping criteria in the RAISE trial would be that Marinus Pharmaceuticals would be forced to stop its separate Phase 3 RAISE II trial.
Before the market opened on April 15, 2024, Marinus Pharmaceuticals issued a press release titled “Marinus Pharmaceuticals Provides Update of the Phase 3 RAISE Trial and Reports Preliminary First Quarter 2024 Financial Results.” The announcement revealed that the RAISE trial failed to meet early stopping criteria. On this news, the price of Marinus Pharmaceuticals stock plummeted $6.22 per share, or 82.7%, to close at $1.30 per share on April 15, 2024. The next day, the price of Marinus Pharmaceuticals stock continued its decline and closed at $1.20 per share.
Before the market opened on May 8, 2024, the Company filed a report with the SEC on Form 8-K, concerning certain cost-cutting measures and stated, “Marinus has stopped the Phase 3 RAISE II trial in RSE; future development in RSE will be assessed following a review of the RAISE topline data.” Also on May 8, 2024, during trading hours, Fierce Biotech issued an article titled “Marinus lays off 20% of staff to steady ship after IV seizure med’s phase 3 struggles.” The article highlighted the company’s decision to cut staff following the difficulties in the RAISE trial due to failure to meet the early stopping criteria. On this news, the price of Marinus stock fell $0.14 per share, to close at $1.43 on May 8, 2024.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: medelson@edelson-law.com
Email: elechtzin@edelson-law.com
Web: www.edelson-law.com
Edelson Lechtzin LLP is a leading class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
