Pomerantz Law Firm Has Filed a Class Action Against Achillion Pharmaceuticals,
Inc. and Certain Officers - ACHN
NEW YORK, Oct. 8, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford
Dahlstrom & Gross LLP has filed a class action lawsuit against Achillion
Pharmaceuticals, Inc. ("Achillion" or the "Company") (Nasdaq:ACHN) and certain
of its officers. The class action, filed in United States District Court,
District of Connecticut, and docketed under 13-cv-1479, is on behalf of a
class consisting of all persons or entities who purchased or otherwise
acquired securities of Achillion between April 21, 2012 and September 27, 2013
both dates inclusive (the "Class Period"). This class action seeks to recover
damages against the Company and certain of its officers and directors as a
result of alleged violations of the federal securities laws pursuant to
Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5
If you are a shareholder who purchased Achillion securities during the Class
Period, you have until December 7, 2013 to ask the Court to appoint you as
Lead Plaintiff for the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at
firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, x237.
Those who inquire by e-mail are encouraged to include their mailing address,
telephone number, and number of shares purchased.
Achillion is a biopharmaceutical company that discovers and develops solutions
for infectious diseases such as HIV, hepatitis, and resistant bacterial
infections. The Company focuses its research and development on products for
the antiviral and antibacterial markets.
The Complaint alleges that throughout the Class Period, Defendants made false
and/or misleading statements, as well as failed to disclose material adverse
facts about the Company's business, operations, and prospects, including the
safety and suitability of its premier investigative drug for the treatment of
hepatitis, sovaprevir. Defendants failed to inform investors that sovaprevir
in fact did not interact well with other drugs commonly administered to treat
hepatitis and/or HIV. Specifically, the Company misled investors to believe
that even though patients in the Company's clinical trials for sovaprevir had
elevations in liver enzymes, that these liver enzymes elevations were
transient and returned to baseline values and were attributable to
non-drug-related factors.As a result of the foregoing, the Company's
statements were materially false and misleading at all relevant times.
On July 1, 2013, the Company disclosed that the FDA instituted a clinical hold
on "sovaprevir after elevations in liver enzymes associated with significantly
higher than anticipated exposures toatazanavir and sovaprevir were noted in a
Phase I healthy subject drug-drug interaction study evaluating the effects of
concomitant administration of sovaprevir with ritonavir-boosted
atazanavir."As a result of this disclosure, Achillion shares declined $2.10
per share or over 25%, to close at $6.26 per share on July 2, 2013.
Then, on September 27, 2013, after the market closed, the Company disclosed
that the FDA had continued its clinical hold on sovaprevir, after, "the FDA
concluded that the removal of the clinical hold is not warranted."As a result
of this disclosure, Achillion shares declined $4.22 per share or over 58%, to
close at $3.02 per share on September 30, 2013.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego,
is acknowledged as one of the premier firms in the areas of corporate,
securities, and antitrust class litigation. Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the Pomerantz Firm
pioneered the field of securities class actions. Today, more than 70 years
later, the Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of fiduciary duty,
and corporate misconduct. The Firm has recovered numerous multimillion-dollar
damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
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