NEW YORK, May 29, 2015 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Ampio Pharmaceuticals, Inc. (“Ampio” or the “Company”) (NYSE:AMPE) and certain of its officers. The class action, filed in United States District Court, Central District of California, and docketed under 15-cv-03640, is on behalf of a class consisting of all persons or entities who purchased Ampio securities between January 13, 2014 and August 21, 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”) and Section 17(b) of the Securities Act of 1933.
If you are a shareholder who purchased Ampio securities during the Class Period, you have until July 7, 2015 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Ampio is a biopharmaceutical company focused primarily on the development of therapies to treat prevalent inflammatory conditions for which there are limited treatment options. Ampio’s two lead product candidates in development are Ampion for osteoarthritis of the knee and Optina for diabetic macular edema.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the clinical research organization conducting the STEP Study lacked independence; (2) the trial drug supply for the STEP Study was shipped to clinical sites at lower temperatures than permitted by the drug specifications; and (3) as a result of the foregoing, the Company’s public statements were materially false and misleading at all relevant times.
On August 21, 2014, the Company issued a press release announcing a delay in the data analysis of the STEP Study due to the discovery by the independent Clinical Research Organization (CRO) that the study drug (both Ampion and the placebo) were, during shipment to the clinical sites, exposed to lower temperatures than permitted by the drug specifications.
On this news, shares of Ampio fell $1.80 per share, or over 24%, to close at $5.66 per share on August 21, 2014, damaging investors.
On August 22, 2014, the blog Buyerstrike issued a report on Ampio, which asserts a number of red flags with the STEP Study, including that: (1) it was conducted at only one site in Anaheim, California with only one doctor supervising it, even though it enrolled 500 patients; (2) the clinical research organization that conducted the trial—Dream Team Clinical Research—has little clinical trial management experience; and (3) Dream Team Clinical Research lacks independence as its office is located next door to Dr. Quang D. Vo, the principal investigator of the trial.
On this news, shares of Ampio fell $0.82 per share, or over 14%, to close at $4.84 per share on August 22, 2014.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.