NEW YORK, May 19, 2017 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Neurotrope, Inc. (“Neurotrope” or the “Company”) (NASDAQ:NTRP) of the July 17, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Neurotrope stock or options between January 7, 2016 and April 28, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/NTRP. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Neurotrope securities between January 7, 2016 and April 28, 2017 (the “Class Period”). The case, Hinshaw et al v. Neurotrope, Inc. et al., No. 17-cv-03718 was filed on May 17, 2017, and has been assigned to Judge Lorna G. Schofield.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by misrepresenting the ability of its lead candidate drug for the treatment of severe Alzheimer's disease, Bryostatin-1, to provide effective results.
Specifically, on May 1, 2017, Neurotrope announced “positive top-line results” of the focal Phase 2b trials of Bryostatin-1. Among other statements, the Company mentioned that the results showed “improvement in patients with moderate to severe Alzheimer's disease.” However, upon further analysis, the trial data pertaining to the 20-microgram dose failed to demonstrate statistical significance with regard to the primary endpoint of efficacy. As well, the Company failed to provide results on the efficacy of the 40-microgram dose.
After the announcement, Neurotrope’s share price fell from $18.81 per share on April 28, 2017 to a closing price of $6.97 on May 1, 2017—a $11.84 or a 62.9% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Neurotrope’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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