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Cempra Inc (NASDAQ: CEMP) Investor Securities Class Action Lawsuit 11/04/2016

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Lawsuit Overview

Case Dismissed
Company
Cempra Inc
Security
NASDAQ: CEMP

Case Name
Cempra Shareholder Class Action Lawsuit 11/04/2016
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Middle District of North Carolina

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

October 26, 2018- The court granted the defendants' motion to dismiss.

September 29, 2017 - A motion to dismiss the amended consolidated complaint was filed.

August 16, 2017 - An amended consolidated complaint was filed.

November 4, 2016 - An investor in shares of Cempra Inc (NASDAQ: CEMP) filed a lawsuit in the U.S. District Court for the Middle District of North Carolina over alleged violations of Federal Securities Laws by Cempra Inc in connection with certain allegedly false and misleading statements made between May 1, 2016 and November 1, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Cempra Inc (NASDAQ: CEMP) common shares between May 1, 2016 and November 1, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 1, 2016 and November 1, 2016 defendants made false and/or misleading statements and/or failed to disclose that: (i) solithromycin posed significant safety risks for hepatotoxicity; and (ii) as a result of the foregoing, Cempra Inc’s public statements were materially false and misleading at all relevant times.

Chapel Hill, NC based Cempra Inc is a clinical-stage pharmaceutical company that is focused on developing differentiated antibiotics for the acute care and community settings to meet medical needs in the treatment of bacterial infectious diseases, particularly respiratory tract infections and chronic staphylococcal infections. Cempra Inc reported that its annual Total Revenue rose from $15.22 million in 2014 to $27.31 million in 2015 and that its Net Loss increased from $61.65 million in 2014 to $91.11 million in 2015.

On November 2, 2016, the U.S. Food and Drug Administration (“FDA”) posted a preliminary review on its website of Cempra Inc’s drug, solithromycin, to treat community-acquired bacterial pneumonia highlighting a significant safety signal for hepatotoxicity.

On November 4, 2016, Cempra Inc announced that NASDAQ has halted trading of the Company’s common stock. Cempra Inc also announced that the FDA Antimicrobial Drugs Advisory Committee would meet that day to discuss the safety and efficacy of solithromycin to treat community-acquired bacterial pneumonia.