STEVENSON, Md., July 19, 2016 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the District of New Jersey on behalf of purchasers of Insmed Incorporated (Nasdaq:INSM) (“Insmed” or the “Company”) securities during the period between March 18, 2013 and June 8, 2016, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until September 13, 2016 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Insmed securities during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that the data on which Insmed’s European marketing authorization application (“MAA”) relied for Arikayce, was not likely to support approval by the European Medicines Agency (“EMA”) for the treatment of NTM lung disease, therefore making Arikayce’s approval by the EMA for the treatment of NTM lung disease and subsequent commercialization in Europe less likely and/or imminent than Insmed had led investors to believe.
According to the complaint, following the June 8, 2016 revelation that Insmed had withdrawn its MAA from the EMA for Arikayce for the treatment of NTM lung disease with the intent to resubmit its MAA when clinical data from its ongoing global phase 3 study becomes available, the value of Insmed shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Insmed securities purchased on or after March 18, 2013 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. 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.