STEVENSON, Md., March 7, 2014 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Massachusetts on behalf of purchasers of Sarepta Therapeutics, Inc. ("Sarepta" or the "Company") (Nasdaq:SRPT) common stock during the period between July 24, 2013 through November 12, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Sarepta Therapeutics, Inc. common stock purchased on or after July 24, 2013, and held through the revelation of negative information on November 12, 2013, as described below, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff, at no cost to you, by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than March 28, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934. Specifically, the complaint alleges that Sarepta issued a series of multiple statements concerning, among other things: (1) the prospects of the Food and Drug Administration's ("FDA") acceptance for consideration of a New Drug Application ("NDA") for eteplirsen based on Sarepta's Phase IIb study data set, and (2) the significance of that data set. However, during a meeting on November 12, 2013, the FDA informed Sarepta that its announced, anticipated NDA filing for eteplirsen was premature. On this news, Sarepta's stock price fell from its closing price of $36.56 per share on November 11, 2013 to $13.16 per share on November 12, 2013.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.