LOS ANGELES, July 10, 2015 (GLOBE NEWSWIRE) -- Stull, Stull & Brody filed a class action lawsuit against Celladon Corporation (“Celladon”) (NASDAQ:CLDN) and certain of its officers in the United States Court for the Southern District of California, Case Number 3:15-cv-01529-AJB-MDD, on behalf of purchasers of Celladon securities during the period July 7, 2014 through June 25, 2015, inclusive (the “Class Period”), seeking to pursue remedies pursuant to the Securities Exchange Act of 1934 (“Exchange Act”).
If you purchased or acquired Celladon securities during the Class Period and wish to serve as a lead plaintiff you may move the Court no later than August 31, 2015; however you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Howard T. Longman at 1-800-337-4983 ext. 110 or via email at celladon@ssbny.com or Patrice L. Bishop at 1-888-388-4605 or via email at info@ssbla.com.
The complaint alleges that during the Class Period, in violation of the federal securities laws, defendants issued materially false and misleading statements regarding the prospects of its core potential product MYDICAR, which uses genetic enzyme replacement therapy to correct an enzyme deficiency that results in an inadequate pumping of the human heart. However, suddenly and without warning, on April 26, 2015, Celladon announced that its randomized, double-blind, placebo-controlled trial of MYDICAR did not meet primary and secondary goals. On this announcement, as detailed below, the Company’s stock declined more than 80% from a close of $13.68 on April 24, 2015, to $2.64 on April 27, 2015, on a volume of over 32 million shares, and more than 90% from the Class Period high of $27.26 per share.
On June 1, 2015, Celladon issued a press release announcing the resignation of its Chief Executive Officer and director Krisztina M. Zsebo, who is named as a defendant in the Complaint. Less than a month later, on June 26, 2015, before the start of trading, Celladon announced it was suspending further research and development of MYDICAR. The Company’s stock declined more than 38% to a close of $1.35 on a volume of over 9 million shares.
Any member of the proposed class may move the Court to be appointed lead plaintiff by no later than August 31, 2015. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members and that the class member will adequately represent the class. Under certain circumstances one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether to serve as lead plaintiff. You may retain Stull, Stull & Brody or other counsel of your choice to serve as your counsel in this action.
Stull, Stull & Brody has litigated many class actions for violations of securities laws and breaches of fiduciary duty on behalf of defrauded investors over the past 40 years and has obtained court approval of substantial settlements on numerous occasions. Stull, Stull & Brody has offices in New York and Beverly Hills. The Stull, Stull & Brody website (www.ssbny.com) has additional information about the firm.
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