Robbins Arroyo LLP: Ampio Pharmaceuticals, Inc. (AMPE) Officers and Directors Breached Their Fiduciary Duties to Shareholders
SAN DIEGO & ENGLEWOOD, Colo.--(BUSINESS WIRE)--Sep 12, 2018--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Ampio Pharmaceuticals, Inc. (NYSE:AMPE) have filed a shareholder derivative complaint against the company’s officers and directors for breaches of fiduciary duties beginning December 14, 2017 and continuing through the present. Ampio develops compounds that decrease inflammation.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/ampio-pharmaceuticals-sept-2018/
Ampio Accused of Making Misleading Statements about its Drug Candidate Ampion
One of Ampio’s lead product candidates is Ampion, a biologic intra-articular injection which is being studied for the treatment of pain due to osteoarthritis of the knee. According to the complaint, Ampio made public statements in a press release reporting positive results of Ampio’s Phase 3 trial of Ampion and stated in filings with the Securities and Exchange Commission that “Ampion has consistently demonstrated significant … response across all trials that exceed minimum clinically meaningful threshold.” However, on August 7, 2018, Ampio filed a report on Form 8-K with the SEC revealing that the U.S. Food and Drug Administration (“FDA”) believed that its trial AP-003-A did not appear to provide sufficient evidence of effectiveness to support a Biologics License Application and that the FDA did not consider its AP-003-C trial to be an adequate and well-controlled clinical trial. On this news, the price of Ampio’s stock dropped $2.25 per share, or over 78% from the previous day’s closing price, closing at $0.61 per share on August 8, 2018.
Ampio Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid 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. Sign up for our FREE portfolio monitoring service, Stock Watch.
Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180912006098/en/
CONTACT: Robbins Arroyo LLP
(619) 525-3990 or Toll Free (800) 350-6003
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA COLORADO
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Robbins Arroyo LLP
Copyright Business Wire 2018.
PUB: 09/12/2018 05:56 PM/DISC: 09/12/2018 05:56 PM