The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Recro Pharma, Inc. (NASDAQ: REPH) who purchased shares between July 31, 2017 and May 23, 2018. The action, which was filed in the United States District Court for the Eastern District of Pennsylvania, alleges that the Company violated federal securities laws.
In particular, the REPH lawsuit alleges that (i) the Company's lead product, IV meloxicam, lacked supporting clinical data to show sufficient clinical benefits to receive U.S. Food and Drug Administration ("FDA") approval; and (ii) as a result, Recro Pharma's public statements were materially false and misleading at all relevant times. On May 24, 2018, Recro Pharma announced that the FDA had declined to approve its New Drug Application ("NDA") for IV meloxicam. In its Complete Response Letter, the FDA stated that the drug's analgesic effects did not meet FDA expectations and raised questions related to chemistry, manufacturing and controls data.
Shareholders have until July 30, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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