New Federal Securities Cases
A class action lawsuit has been filed in the United States District Court, Southern District of New York against Aratana Therapeutics, Inc. ("Aratana" or the "Company") (NASDAQ:PETX) and certain of its officers. The lawsuit is filed on behalf of a class consisting of investors who purchased or otherwise acquired Aratana securities during the period from March 16, 2015 through February 3, 2017 (the "Class Period"). Plaintiffs seek to recover compensable damages caused by defendants' violations of the Securities Exchange Act of 1934.
Aratana Therapeutics, Inc. is a development-stage biopharmaceutical company that develops biomedical therapeutics for animals. The Company offers various products to treat pain and inflammation associated with serious medical conditions in pets. One of the Company's key products is ENTYCE, also known as AT-002 (capromorelin oral solution), an appetite stimulant for dogs.
The lawsuit alleges that throughout the Class Period, Defendants failed to disclose that: (i) Aratana did not have manufacturing contracts in place sufficient to support manufacturing of ENTYCE at a commercial scale; and (ii) consequently, ENTYCE was not likely to be commercially available until late 2017.
On February 6, 2017, Aratana disclosed that the Center for Veterinary Medicine ("CVM") had requested more information about ENTYCE. Aratana advised investors that the CVM's request was "in connection with the Company's post-approval supplement request to transfer the manufacturing of ENTYCE to a new vendor in order to produce ENTYCE at a commercial scale" and that the Company "now anticipates that ENTYCE ... will be commercially available by late 2017."
On this news, Aratana's share price fell from $8.03 to $6.59 per share on February 6, 2017, damaging investors.
If you acquired Aratana securities during the Class Period, you may, no later than April 7, 2017, request that the court appoint you lead plaintiff of the proposed class. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions that could affect the overall recovery for class members, including decisions concerning settlement.
If you are a current or former Aratana shareholder and wish to obtain additional information, please fill out the contact form at the link below.
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