NEW YORK, June 23, 2015 (GLOBE NEWSWIRE) -- Notice is hereby given that Scott+Scott, Attorneys at Law, LLP filed a securities class action complaint against QRx Pharma, Ltd. (“QRx” or “the Company”) (OTCBB:QRXPY) (OTCBB:QRXPF) and the Company’s former Chief Executive Officer (“CEO”) John Holaday in the United States District Court for the Southern District of New York. The lawsuit alleges violations of the Securities Exchange Act of 1934 and was filed on behalf of all purchasers of QRx American Depository Receipts (“ADRs”) between January 24, 2011 and April 23, 2014, inclusive (the “Class Period”).
The complaint alleges that QRx issued false and misleading public statements and omitted material facts concerning the commercial prospects for its experiment drug Moxduo. Specifically, the complaint alleges that QRx failed to disclose to investors that it received a “no agreement letter” from the Food and Drug Administration (“FDA”) regarding its Moxduo trials and further misrepresented and concealed other material facts concerning its attempts to get Moxduo approved. Upon the disclosure of an FDA memorandum which denied QRx’s application to get Moxduo approved, the price of QRx ADRs plummeted over 83% on April 23, 2014.
You can view a copy of the complaint filed by Scott+Scott at: http://www.scott-scott.com/cnt/cp/qrx_pharma_complaint.pdf
If you purchased QRx ADRs during the Class Period, you may move the Court no later than August 24, 2015 to serve as lead plaintiff. Any member of the investor class may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or have questions concerning this notice or your rights, please contact Michael Burnett, Esq. at Scott+Scott (mburnett@scott-scott.com (800) 404-7770, (860) 537-5537, or visit the Scott+Scott website, http://www.scott-scott.com) for more information. There is no cost or fee to you.
Scott+Scott is one of the leading class action law firms in the United States, with offices in New York, Connecticut, Ohio and California. The firm has been directly responsible for the recovery of hundreds of millions of dollars on behalf of its clients through the prosecution of major securities, antitrust and employee retirement plan class action lawsuits. The firm represents pension funds, foundations, individuals, businesses, and other entities worldwide.