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Flex Pharma, Inc. (NASDAQ: FLKS) Investor Securities Class Action Lawsuit 06/19/2018

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Lawsuit Overview

Case Dismissed
Company
Flex Pharma, Inc.
Security
NASDAQ: FLKS

Case Name
Flex Pharma Shareholder Class Action Lawsuit 06/19/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

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Class Period End
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Summary

December 10, 2018 - The case was voluntarily dismissed.

June 9, 2018 - An investor in shares of Flex Pharma, Inc. (NASDAQ: FLKS) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Flex Pharma, Inc. in connection with certain allegedly false and misleading statements made between November 6, 2017 and June 12, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Flex Pharma, Inc. (NASDAQ: FLKS) common shares between November 6, 2017 and June 12, 2018, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between November 6, 2017 and June 12, 2018, the defendants made false and/or misleading statements and/or failed to disclose that Flex Pharma overstated the viability and approval prospects for its product candidate FLX-787 for the treatment of ALS and CMT, and that as a result, Flex Pharma’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

Boston, MA based Flex Pharma, Inc., a biotechnology company, develops and commercializes products for the treatment of muscle cramps, spasms, and spasticity associated with neurological conditions and exercise in the United States. Flex Pharma, Inc. reported that its annual total Revenue rose from over $1.01 billion in 2016 to over $12.7 billion in 2017 and that its Net Loss declined from over $39.49 billion in 2016 to $34.43 billion in 2017.

On June 13, 2018, Flex Pharma, Inc announced that it plans to halt two ongoing Phase 2 clinical trials for FLX-787, the Company's treatment for amyotrophic lateral sclerosis, citing oral tolerability concerns observed in both studies. Flex Pharma, Inc further announced that the Company will restructure its organization to reduce costs, including reducing its workforce by approximately 60%, and that Flex's Board is exploring strategic alternatives, including the potential sale or merger of the company.

Shares of Flex Pharma, Inc. (NASDAQ: FLKS) declined to $10.4 per share on June 13, 2018.