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Prosensa Holding NV (NASDAQ: RNA) Investor Securities Class Action Lawsuit 07/18/2014

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Lawsuit Overview

Case Dismissed
Company
Prosensa Holding NV
Security
NASDAQ: RNA

Case Name
Prosensa Shareholder Class Action Lawsuit 07/18/2014
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

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

May 4, 2015 - The court granted the defendants' motion to dismiss and ordered the case closed.
February 12, 2015 - The defendants filed a motion to dismiss.

December 29, 2014 - The lead plaintiff filed an amended complaint.

October 9, 2014 - Lead plaintiff and lead counsel were appointed.

July 18, 2014 - An investor in shares of Prosensa Holding NV (NASDAQ: RNA) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Prosensa Holding NV in connection with certain allegedly false and misleading statements made in connection with Prosensa Holding NV’s initial public offering on or about June 28, 2013.

According to the complaint the plaintiff alleges on behalf of purchasers of Prosensa Holding NV (NASDAQ: RNA) pursuant and/or traceable to the Registration Statement and Prospectus (collectively, the “Registration Statement”) issued in connection with Prosensa Holding NV’s initial public offering (“IPO”) on or about June 28, 2013, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff alleges that the Registration Statement contained materially false and/or misleading statements and/or omitted material information concerning the development status of drisapersen, the drug’s Phase II and Phase III clinical studies, and the prospects for drisapersen’s regulatory approval.

Prosensa Holding NV reported that its annual Total Revenue declined from $8.69 million in 2011 to $7.85 million in 2012 while its respective Net Loss decreased from $11.58 million to $9.89 million. For the first quarter in 2013 Prosensa Holding NV reported quarterly Revenue of $2.4 million, compared to $1.97 million in the first quarter in 2012 and for the second quarter in 2013 Prosensa Holding NV reported quarterly Revenue of $1.98 million, compared to $1.25 million in 2012. In June 2013 Prosensa Holding NV went public. Shares of Prosensa Holding NV (NASDAQ: RNA) rose from $19.25 per share in early July 2013 to $3.28 per share on August 1, 2013.

Then on Sept. 20, 2013, GlaxoSmithKline and Prosensa Holding NV announced that the Phase III clinical study of drisapersen, an investigational antisense oligonucleotide, for the treatment of Duchenne Muscular Dystrophy patients with an amenable mutation, did not meet the primary endpoint of a statistically significant improvement in the 6 Minute Walking Distance test compared to placebo. Shares of Prosensa Holding NV (NASDAQ: RNA) dropped from $24.00 per share on Sept. 19, 2013, to as low as $3.60 per share on November 1, 2013.