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SCYNEXIS Inc (NASDAQ: SCYX) Investor Securities Class Action Lawsuit 03/08/2017

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Lawsuit Overview

Case Dismissed
Company
SCYNEXIS Inc
Security
NASDAQ: SCYX

Case Name
SCYNEXIS Shareholder Class Action Lawsuit 03/08/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of New Jersey

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

October 26, 2018 - The case was voluntarily dismissed.

March 8, 2017 - An investor in shares of SCYNEXIS Inc (NASDAQ: SCYX) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by SCYNEXIS Inc in connection with certain allegedly false and misleading statements made between May 2, 2014 and March 2, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of SCYNEXIS Inc (NASDAQ: SCYX) common shares in connection with the Company’s initial public offering on or about May 2, 2014 (the “IPO” or the “Offering”) and/or on the open market between May 2, 2014 and March 2, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that the defendants made allegedly false and/or misleading statements and/or failed to disclose that SCYNEXIS Inc’s lead product SCY-078 entailed substantial undisclosed health and safety risks, that consequently, the Company had overstated the drug’s approval prospectus and/or commercial viability, and that as a result of the foregoing, SCYNEXIS Inc’s public statements were materially false and misleading at all relevant times.

Jersey City, NH based SCYNEXIS Inc is engaged in the discovery, development and commercialization of anti-infectives. SCYNEXIS Inc went public in May 2014.

On March 2, 2017, SCYNEXIS Inc announced that the U.S. Food and Drug Administration ( FDA ) has placed a hold on clinical trials for the intravenous formulation of the Company’s lead product candidate SCY-078 “until the FDA completes a review of all available pre-clinical and clinical data.” SCYNEXIS Inc advised investors that “[t]he clinical hold decision was issued by the FDA following a review of three mild-to-moderate thrombotic events in healthy volunteers receiving the IV formulation of SCY-078 at the highest doses and highest concentrations in a Phase 1 study.”

Shares of SCYNEXIS Inc (NASDAQ: SCYX) declined from $3.42 per share on March 2, 2017 to as low as $2.57 per share on March 3, 2017.