NEW YORK, July 30, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all investors that purchased Aclaris Therapeutics, Inc. (NASDAQ: ACRS) securities between May 8, 2018 and June 29, 2019 (the “Class Period”). Investors have until September 30, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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On June 20, 2019, the U.S. Food & Drug Administration (“FDA”) stated that an advertisement for Aclaris’s hydrogen peroxide topical solution, Eskata, “makes false or misleading claims” regarding the product’s risk and efficacy. Specifically, “a direct-to-consumer video of an interview featuring a paid Aclaris spokesperson” was “especially concerning from a public health perspective because it fails to include information regarding the serious risks associated with Eskata, which bears warnings and precautions related to the risks of serious eye disorders . . . in the case of exposure to the eye and severe skin reactions including scarring.”
On this news, Aclaris’s stock price fell $0.57, or over 11%, over the next two trading sessions to close at $4.54 on June 21, 2019.
The complaint, filed on July 30, 2019, alleges that 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 to investors: (1) that the Company’s advertising materials minimized the risks and overstated the efficacy of ESKATA to generate sales; (2) that, as a result, the Company was reasonably likely to face regulatory scrutiny; and (3) that, 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.
If you purchased Aclaris shares during the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Aclaris class action please go to https://bespc.com/ACRS. 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