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Tetraphase Pharmaceuticals Inc (NASDAQ:TTPH) Investor Securities Class Action Lawsuit 07/27/2018

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Lawsuit Overview

Case Dismissed
Company
Tetraphase Pharmaceuticals Inc
Security
NASDAQ: TTPH

Case Name
Tetraphase Pharmaceuticals Shareholder Class Action Lawsuit 07/27/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

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Class Period End
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Summary

October 1, 2019 - The case was voluntarily dismissed.

May 30, 2019 - The case was transferred to the District of Massachusetts under Docket 19-CV-11282 per court order.

July 27, 2018 - An investor in shares of Tetraphase Pharmaceuticals Inc (NASDAQ:TTPH) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Tetraphase Pharmaceuticals Inc in connection with certain allegedly false and misleading statements made between March 8, 2017 and February 13, 2018.

According to the complaint the plaintiff alleges on behalf of persons and/or entities that acquired Tetraphase Pharmaceuticals Inc (NASDAQ: TTPH) securities pursuant and/or traceable to the Company’s allegedly false and/or misleading registration statement and prospectus issued in connection with the Company’s July 2017 secondary public offering (“SPO” or the “Offering”); and/or acquired Tetraphase Pharmaceuticals Inc (NASDAQ:TTPH) securities between March 8, 2017 and February 13, 2018, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between March 8, 2017 and February 13, 2018, the defendants failed to disclose, that Tetraphase Pharmaceuticals Inc (NASDAQ:TTPH) was increasing the patient enrollment in its IGNITE3 trial from 1,000 patients to 1,200 patients to meet the trial’s primary endpoints (within the 10% non-inferiority margin), that the enrollment of more patients in the trial indicated that the existing population was inadequate to meet the trial’s primary endpoints, and that, as a result of the foregoing, Defendants’ statements about Tetraphase’s business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.

Watertown, MA based Tetraphase Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company. The Company uses its chemistry technology to create antibiotics for multidrug-resistant infections. Tetraphase Pharmaceuticals Inc reported that its annual Total Revenue declined from $11.69 million in 2015 to $5.14 million in 2016 and that its Net Loss declined from $83.19 million in 2015 to $77.48 million in 2016.

On February 13, 2018, Tetraphase Pharmaceuticals Inc announced that its IGNITE3 clinical trial did not achieve its co-primary endpoints of responder rate at the end of treatment and test-of-cure visit. The price of Tetraphase stock fell significantly following the announcement.