June 23, 2015 (Shareholders Foundation) - An investor in shares of QRxPharma Ltd. (ADR) (OTCMKTS:QRXPY, OTCMKTS:QRXPF) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by QRxPharma Ltd. in connection with certain allegedly false and misleading statements made between January 24, 2011 and April 23, 2014.
According to the complaint the plaintiff alleges on behalf of purchasers of QRxPharma Ltd. (ADR) (OTCMKTS:QRXPY, OTCMKTS:QRXPF) common shares between January 24, 2011 and April 23, 2014, that the defendants violated Federal Securities Laws by issuing allegedly false and misleading public statements and by allegedly omitting material facts concerning the commercial prospects for its experiment drug Moxduo. More specifically, the plaintiff claims that QRxPharma Ltd allegedly failed to disclose to investors that it received a no agreement letter from the Food and Drug Administration ( FDA ) regarding its Moxduo trials and further misrepresented and concealed other material facts concerning its attempts to get Moxduo approved and that upon the disclosure of an FDA memorandum which denied QRxPharma Ltd's application to get Moxduo approved, the price of QRxPharma Ltd ADRs plummeted over 83% on April 23, 2014.