NEW YORK, Feb. 01, 2017 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Regulus Therapeutics Inc. (“Regulus” or the “Company”) (NASDAQ:RGLS) in the United States District Court for the Southern District of California on behalf of persons or entities who purchased or otherwise acquired Regulus stock between January 21, 2016 and June 27, 2016, inclusive (the “Class Period”), seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) patients treated with RG-101 were at increased risk of contracting jaundice; (2) consequently, the Company had overstated RG-101’s approval prospects and/or commercial viability; and (3) as a result of the foregoing, Regulus’s public statements were materially false and misleading at all relevant times.
On June 27, 2016, the Company announced that it had received verbal notice from the U.S. Food and Drug Administration (“FDA”) that the FDA had placed RG-101 on clinical hold after a second serious adverse event of jaundice was reported in a patient treated with the drug. On this news, the Company’s share price fell $2.47, or more than 49%, to close at $2.54 on June 28, 2016.
If you wish to serve as lead plaintiff, you must move the Court no later than April 3, 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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