The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Antares Pharma, Inc. (NASDAQ: ATRS) who purchased shares between December 21, 2016 and October 12, 2017. The action, which was filed in the United States District Court for the District of New Jersey, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that (1) Antares had provided insufficient data to the U.S. Food and Drug Administration in connection with its New Drug Application (“NDA”) for Xyosted; (2) accordingly, Antares had overstated the approval prospects for Xyosted; and (3) consequently, Antares’ public statements were materially false and misleading at all relevant times.
On October 11, 2017, the Company received a letter from the U.S. Food and Drug Administration stating that the agency had “identified deficiencies that preclude the continuation of the discussion of labeling and post marketing requirements/commitments” for its product candidate Xyosted. Then on October 20, 2017, Antares announced receipt of a Complete Response Letter from the FDA regarding the New Drug Application for Xyosted. The Company stated that the FDA could not approve the NDA in its present form due to concerns that Xyosted “could cause a clinically meaningful increase in blood pressure” and also noted the FDA’s concerns “regarding the occurrence of depression and suicidality.”
Shareholders have until December 22, 2017 to petition the court for lead plaintiff status.