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Sarepta Therapeutics Inc (NASDAQ: SRPT) Investor Securities Class Action Lawsuit 01/27/2014

  • If you purchased shares of Sarepta Therapeutics Inc (NASDAQ: SRPT), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Sarepta Therapeutics Inc
Security
NASDAQ: SRPT

Case Name
Sarepta Therapeutics Shareholder Class Action Lawsuit 01/27/2014
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Massachusetts

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

March 31, 2015 - The court granted the defendants' motion to dismiss.
August 18, 2014 - The defendants filed a motion to dismiss.

July 21, 2014 - The plaintiffs filed an amended complaint in the U.S. District Court for the District of Massachusetts on behalf of investors who purchased Sarepta Therapeutics Inc (NASDAQ: SRPT) common shares between July 10, 2013 and November 11, 2013.

April 17, 2014 - All cases were consolidated.

March 28, 2014 - Lead plaintiff motions were filed.

January 27, 2014 - An investor in shares of Sarepta Therapeutics Inc (NASDAQ: SRPT) filed a lawsuit in the U.S. District Court for the District of Massachusetts against Sarepta Therapeutics Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between July 24, 2013 and November 12, 2013.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Sarepta Therapeutics Inc (NASDAQ: SRPT) between July 24, 2013 and November 12, 2013, that Sarepta Therapeutics Inc and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff claims that defendants between July 24, 2013 and November 12, 2013, issued a series of multiple statements concerning, among other things the prospects of the Food and Drug Administration's ( FDA ) acceptance for consideration of a New Drug Application ( NDA ) for eteplirsen based on Sarepta Therapeutics Inc's Phase IIb study data set, and (2) the significance of that data set.

Sarepta Therapeutics Inc reported that its quarterly Revenue declined from $7.34 million in the fourth quarter 2012 to $4.47 million in the first and $2.95 million in the second quarter 2013, while its Net Loss decreased over those quarters from $62.07 million to $42.08 million, respectively $19.05 million.

Shares of Sarepta Therapeutics Inc (NASDAQ: SRPT) grew from under $24 in early 2013 to as high as $53.81 per share in October 2013.

Then on November 12, 2013, Sarepta Therapeutics Inc reported its third quarter 2013 financial results.

The plaintiff claims that during a meeting on November 12, 2013, the FDA informed Sarepta Therapeutics Inc that its announced, anticipated NDA filing for eteplirsen was premature.

Shares of Sarepta Therapeutics Inc (NASDAQ: SRPT) dropped from $37.74 per share on November 11, 2013, to $13.885 per share on November 12, 2013.