PHILADELPHIA, April 30, 2015 (GLOBE NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. filed a class action lawsuit in the United States District Court, District of New Jersey, 15cv03007, on behalf of purchasers of AERI common stock between August 6, 2014 and April 23, 2015. Aerie is a clinical stage pharmaceutical company focused on the discovery, development and commercialization of therapies for the treatment of patients with glaucoma and other eye diseases. The Complaint was filed against AERI and its officers/directors who misrepresented and/or concealed material adverse facts about the Company’s operations and financial prospects. Specifically, Rhopressa™ was in recent drug trials that compared it to an older, twice per day eye drop called Timolol. The study was designed to show that Rhopressa™ was not inferior to Timolol at reducing intraocular pressure (IOP) after two weeks, six weeks and 90 days of treatment. In August, 2014, Aerie issued a press release announcing that the Phase 2b clinical trial demonstrated a strong IOP-lowering effect. Pending successful advancement in Phase 3 registration studies, the Company expected to submit an NDA filing by mid-2016. Shortly thereafter, one of Aerie’s largest beneficial holders of the stock sold 1.225 million shares at artificially inflated prices for proceeds of $35.1 million. Then, on April 23, 2015 Aerie announced that Rhopressa™ Phase 3 results did not meet its primary efficacy endpoint of demonstrating non-inferiority of IOP lowering for once daily Rhopressa™ compared to twice daily Timolol. As a result of this news, the price of Aerie stock plummeted from $22.52 per share to close at $12.87 per share on April 24, 2015, a one day decline of nearly 64% on volume of nearly 14.7 million shares. In fact, defendants’ statements about the prospects for the Phase 3 Rhopressa™ study were materially false and misleading as Rhopressa™ was not performing as well as Timolol and would not lead to commercial success.
If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the Court no later than June 29, 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