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Inotek Pharmaceuticals Corp (NASDAQ:ITEK) Investor Securities Class Action Lawsuit 01/06/2017

  • If you purchased shares of Inotek Pharmaceuticals Corp (NASDAQ:ITEK), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Inotek Pharmaceuticals Corp
Security
NASDAQ: ITEK

Case Name
Inotek Pharmaceuticals Shareholder Class Action Lawsuit 01/06/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Massachusetts

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Class Period End
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Summary

June 27, 2018 - The court granted the defendants' motion to dismiss.

October 6, 2017 - A motion to dismiss the second amended complaint was filed.

September 5, 2017 - A second amended complaint was filed.

July 10, 2017 - An amended complaint was filed.

January 6, 2017 (Shareholders Foundation) - An investor in shares of Inotek Pharmaceuticals Corp (NASDAQ:ITEK) filed a lawsuit in the U.S. District Court for the District of Massachusetts over alleged violations of Federal Securities Laws by Inotek Pharmaceuticals Corp in connection with certain allegedly false and misleading statements made between July 23, 2015 and December 30, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Inotek Pharmaceuticals Corp (NASDAQ:ITEK) common shares between July 23, 2015 and December 30, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between July 23, 2015 and December 30, 2016. Inotek Pharmaceuticals Corp misrepresented the efficacy of its drug candidate trabodenoson—the only drug Inotek Pharmaceuticals Corp currently has in its clinical development pipeline—and its attendant capacity to receive New Drug Approval by the U.S. Food and Drug Administration. In particular, it is alleged that Inotek Pharmaceuticals Corp made positive statements about the drug despite knowledge that the MATrX-1 phase 3 clinical trial of trabodenoson would fail to meet its primary endpoint of statistical relevance in the reduction of intraocular pressure compared with placebo.

Lexington, MA based Inotek Pharmaceuticals Corp is a clinical-stage biopharmaceutical company that is focused on the discovery, development and commercialization of therapies for glaucoma and other diseases of the eye.

On January 3, 2017, Inotek Pharmaceuticals Corp announced top-line results of MATrX-1, the first pivotal Phase 3 trial of trabodenoson for the treatment of primary open-angle glaucoma (POAG) or ocular hypertension (OHT). Inotek Pharmaceuticals Corp said that the trial did not achieve its primary endpoint of superiority in reduction of intraocular pressure (IOP) compared with placebo at all 12 time points.

Shares of Inotek Pharmaceuticals Corp (NASDAQ:ITEK) declined from $7.40 per share on December 23, 2016 to as low as $1.65 per share on January 3, 2017.

On January 6, 2017, NASDAQ:ITEK shares closed at $1.70 per share.