NEW YORK, Jan. 10, 2017 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Agile Therapeutics, Inc. (“Agile Therapeutics” or the “Company”) (NASDAQ:AGRX) in the United States District Court for the District of New Jersey on behalf of purchasers of common stock of Agile Therapeutics between March 9, 2016 and January 3, 2017 (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the Securities Exchange Act of 1934.
According to the Complaint, Defendants failed to disclose: (1) that the Twirla contraceptive patch had an efficacy rating that fell below peer group standards; (2) that over half of patients in its “Secure” Phase 3 Study discontinued the study early; (3) that the Twirla patch therefore allegedly had a slight chance of FDA approval; and (4) that, as a result of the foregoing, Defendants’ statements about Agile’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On January 3, 2017, Agile disclosed statistical information pertaining to its Phase 3 SECURE study analyzing the Company’s combined hormonal contraceptive patch Twirla. The study, which was initiated at the request of the FDA, comes after the FDA rejected Agile’s initial marketing application back in 2013. The Company cited “positive top-line results” in the study, yet reported an efficacy measure that failed to meet the standard set by other approved contraceptive patches. Additionally, 51.4% of subjects opted to discontinue the study.
On this news, Agile stock fell nearly 64% during intraday trading on January 4, 2017.
If you wish to serve as lead plaintiff, you must move the Court no later than March 7, 2017. 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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