NEW YORK, July 11, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Lipocine, Inc. (“Lipocine” or the “Company”) (Nasdaq:LPCN) in the United States District Court for the District of New Jersey on behalf of purchasers of Lipocine common stock between June 30, 2015 and June 28, 2016, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).
According to the Complaint, Defendants concealed from the investing public that: Lipocine’s filing of its New Drug Application (“NDA”) for its lead product candidate, TLANDOTM (“LPCN 1021”) to the FDA contained deficiencies; and as a result, Defendants’ statements about Lipocine’s business and operations were false and misleading and/or lacked a reasonable basis. As a result of Defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period. Further, on June 29, 2016, the Company announced that it had received a Complete Response Letter (“CRL”) from the FDA regarding its NDA for LPCN 1021. The CRL identified deficiencies related to the dosing algorithm for the label. Specifically, the proposed titration scheme for clinical practice was significantly different from the titration scheme used in the Phase III trial leading to discordance in titration decisions between the Phase III trial and real-world clinical practice.
On this news, shares of the Company dropped over 50%, closing at $3.10 per share on June 29, 2016, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than August 30, 2016. 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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