NEW YORK, July 16, 2014 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court, District of New Jersey on behalf of all persons who purchased or otherwise acquired the securities of Regado Biosciences, Inc. ("Regado" or the "Company") (Nasdaq:RGDO) during the period between August 22, 2013 and July 9, 2014, inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
The Complaint alleges that throughout the Class Period, Defendants made false and/or materially misleading statements about the Company's business, operations, prospects and performance. Specifically, the Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) the danger and frequency of allergic reactions experienced by subjects in the REG1 Phase 3 trial were significant enough to derail the trial; (ii) the allergic reactions were of such a serious nature and/or frequency that the Data Safety Monitoring Board ("DSMB") and FDA would ultimately be required to place the clinical trial on hold; and (iii) and as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
On July 3, 2014, the Company announced that the DSMB overseeing the REG1 clinical trial commenced an "unplanned review" to determine the "safety and treatment benefit-risk ratio" of all the 3,234 patients who had been enrolled in the study to date. As a result, Regado ceased enrolling patients in the study and announced that it would suspend the trial until the review was complete. On this news, Regado stock fell $3.95, or over 58%, on unusually heavy volume, to close at $2.81 on July 3, 2014.
If you wish to serve as lead plaintiff, you must move the Court no later than September 8, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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