Lawsuit Overview
Settlement Overview
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August 29, 2017 - The court ordered the authorization of the distribution of the net settlement fund.
June 10, 2016 - The court approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.
February 2, 2016 - The court preliminarily approved the settlement.
January 29, 2016 - Parties filed a stipulation of settlement.
June 26, 2015 - Defendants filed a motion to dismiss.
March 3, 2015 - The lead plaintiff filed an amended complaint.
February 10, 2015 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.
December 19, 2014 - A lead plaintiff motion was filed.
October 20, 2014 - An investor in shares of Retrophin Inc (NASDAQ: RTRX) filed a lawsuit in the U.S. District Court for the Southern District of New York against Retrophin Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between March 27, 2014 and September 30, 2014.
According to the complaint the plaintiff alleges on behalf of purchasers of Retrophin Inc (NASDAQ: RTRX) common shares between March 27, 2014 and September 30, 2014 that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that between March 27, 2014 and September 30, 2014 Defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that Retrophin Inc’s founder and Chief Executive Officer was committing stock-trading irregularities and other violations of Retrophin Inc's Incentive Compensation Plan and other securities rules, that said irregularities included grants of shares in violation of Retrophin Inc's Incentive Compensation Plan and the failure to disclose stock grants to employees, and that as a result of the above, Retrophin Inc's financial statements were materially false and misleading at all relevant times.
Retrophin Inc reported that its Net Loss increased from $0.01 million for the 12 months period that ended on Feb. 29, 2012 to $33.82 million for the 12 months period that ended on Dec. 31, 2013. Shares of Retrophin Inc (NASDAQ: RTRX) grew from $4.90 per share in July 2013 to as high as $23.36 per share in April 2014.
On September 16, 2014, after the close of trading, Retrophin Inc announced that on September 15, 2014, it had reached an agreement with its Chief Financial Officer, Marc Panoff, pursuant to which Mr. Panoff's employment with Retrophin Inc will terminate, effective as of February 28, 2015. Also, Retrophin Inc announced that on September 10, 2014, Jeffrey Paley, MD stepped down as a member of the Board of Directors.
Shares of Retrophin Inc (NASDAQ: RTRX) declined to as low as $7.85 per share on October 1, 2014.
On October 20, 2014, Retrophin Inc (NASDAQ: RTRX) shares closed at $9.60 per share.