Lawsuit Overview
December 28, 2016 - The lead plaintiff filed a notice of appeal.
October 7, 2016 - The court granted defendants' motion to dismiss with leave to amend.
April 29, 2016 - Defendants filed a motion to dismiss.
February 29, 2016 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased Celladon Corp (NASDAQ: CLDN) common shares between January 30, 2014 and June 25, 2015. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between January 30, 2014 and June 25, 2015.
December 9, 2015 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.
August 31, 2015 - Lead plaintiff motions were filed.
July 2, 2015 - An investor in shares of Celladon Corp (NASDAQ: CLDN) filed a lawsuit in the U.S. District Court for the Southern District of California over alleged violations of Federal Securities Laws by Celladon Corp in connection with certain allegedly false and misleading statements made between July 7, 2014 and June 25, 2015.
According to the complaint the plaintiff alleges on behalf of purchasers of Celladon Corp (NASDAQ: CLDN) common shares between July 7, 2014 and June 25, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between July 7, 2014 and June 25, 2015 defendants made allegedly false and misleading statements and/or failed to disclose adverse information regarding the Company's prospects for its lead drug candidate, MYDICAR, for treating enzyme deficiency in heart failure patients that results in inadequate pumping of the heart. As a result of these false and misleading statements or omissions, Celladon Corp securities traded at artificially inflated prices between July 7, 2014 and June 25, 2015.
Shares of Celladon Corp (NASDAQ: CLDN) grew from $9.40 per share in October 2014 to as high as $27.26 per share in March 2015.
On April 26, 2015 Celladon Corp reported negative results for CUPID2 trial of MYDICAR(R) in advanced heart failure. Celladon Corp said that its Phase 2b CUPID2 trial did not meet its primary and secondary endpoints.
On June 1, 2015, Celladon Corp issued a press release announcing the abrupt resignation of the Company's Chief Executive Officer. Then, on June 26, 2015, before the market opened, Celladon Corp announced the suspension of its plans for further research or development of its MYDICAR program and other pre-clinical programs, indicating there was a possibility that the Company could be liquidated with net cash available to shareholders of $25-$30 million.
Shares of Celladon Corp (NASDAQ: CLDN) declined to as low as $1.24 per share on June 26, 2015.