Robbins Arroyo LLP: Lexicon Pharmaceuticals, Inc. (LXRX) Misled Shareholders According to a Recently Filed Class Action
SAN DIEGO & THE WOODLANDS, Texas--(BUSINESS WIRE)--Jan 30, 2019--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Lexicon Pharmaceuticals, Inc. (NASDAQ: LXRX) filed a class action complaint against the company for alleged violations of the Securities and Exchange Act of 1934 between March 11, 2016 to January 17, 2019. Lexicon is a biopharmaceutical company that focuses on the development and commercialization of pharmaceutical products for the treatment of human diseases.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/lexicon-pharmaceuticals/
Lexicon Accused of Issuing Materially False Statements
According to the complaint, Lexicon entered into a collaboration and license agreement with Sanofi for Sotagliflozin, also known as “Zynquista”, in November 2015. For nearly three years since, Lexicon repeatedly touted the benefits of Sotagliflozin by highlighting the benefits of eventual commercialization and its positive Phase 3 clinical trial results. It failed to convey the import of the various adverse events suffered by the trial’s participants and how such data might impact Sotagliflozin’s review by the FDA. In May 2018, Sanofi filed a New Drug Application based on data from Lexicon’s clinical trials assessing the drug’s safety and efficacy. In January 2019, the Advisory Committee met to vote. The FDA’s briefing document on Sotagliflozin found, amongst other concerns, troubling data regarding the risk of diabetic ketoacidosis. As a result, the vote ended in a stalemate. On this news, Lexicon’s stock price fell $1.74 per share, or 22.6%, to close at $5.96 per share on January 18, 2019.
Lexicon Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leo Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190130005871/en/
CONTACT: Leo Kandinov
Robbins Arroyo LLP
5040 Shoreham Place
San Diego, CA 92122
(619) 525-3990 or Toll Free (800) 350-6003
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SOURCE: Robbins Arroyo LLP
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PUB: 01/30/2019 05:54 PM/DISC: 01/30/2019 05:54 PM