(LXRX) Lexicon Pharmaceuticals, Inc. - Bronstein, Gewirtz & Grossman, LLC Reminds Shareholders of Class Action & Deadline: April 1, 2019
NEW YORK, March 07, 2019 (GLOBE NEWSWIRE) -- Attorney Advertising-- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Lexicon Pharmaceuticals, Inc. (“Lexicon ” or the “Company”) (NASDAQ: LXRX) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Lexicon securities between March 11, 2016, and January 17, 2019, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/lxrx.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that Defendants made materially false and misleading statements and/or failed to disclose that: (1) the data from Lexicon’s Phase 3 clinical trials assessing the safety and efficacy of Sotagliflozin in treating type 1 diabetes were not as positive as Lexicon represented; (2) the health risks posed by Sotagliflozin were severe enough to threaten its FDA approval prospects; and (3) as a result, Lexicon’s public statements were materially false and misleading at all relevant times.
On January 17, 2019, Lexicon announced that the Endocrinologic and Metabolic Drugs Advisory Committee of the U.S. Food and Drug Administration had “voted eight to eight on the question of whether the overall benefits of [Lexicon’s product] Zynquista (sotagliflozin) outweighed the risks to support approval.” On news of the advisory committee’s stalemate, Lexicon’s stock price fell $1.74 per share, or 22.6%, to close at $5.96 per share on January 18, 2019.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/lxrx or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Lexicon you have until April 1, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | firstname.lastname@example.org