Johnson & Weaver, LLP Initiates Investigation of Inotek Pharmaceuticals Corp.
SAN DIEGO- PRNewswire —January 20, 2017
Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating potential violations of the federal securities laws by Inotek Pharmaceuticals Corp. (NASDAQ:ITEK). A class action lawsuit against the Company has been filed on behalf of shareholders who purchased Inotek stock between July 23, 2015 and December 30, 2016, inclusive (the “Class Period”).
The complaint alleges that, throughout the Class Period, Inotek misrepresented the efficacy of its drug candidate trabodenoson – the only drug Inotek currently has in its clinical development pipeline and its attendant capacity to receive New Drug Approval by the U.S. Food and Drug Administration. In particular, it is alleged that the Company made positive statements about the drug despite knowledge that the MATrX-1 phase 3 clinical trial of trabodenoson would fail to meet its primary endpoint of statistical relevance in the reduction of intraocular pressure compared with placebo.
On January 3, 2017, Inotek announced that the Phase 3 trial of trabodenoson had failed to achieve this primary endpoint. Following this news, shares of Inotek fell from a closing price of $6.10 on December 30, 2016, to a $1.75 closing price per share on January 3, 2017.
If you wish to serve as a lead plaintiff, you must move the Court no later than March 7, 2017. If you wish to discuss this action, have any questions concerning this notice, or your rights or interests, please contact lead analyst Jim Baker (firstname.lastname@example.org) by email or by phone at 619-814-4471. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.