Zeldes Haeggquist & Eck, LLP Announces Investigation of Achillion
SAN DIEGO -- October 31, 2013
Zeldes Haeggquist & Eck, LLP, a shareholder and consumer rights litigation
firm, has commenced an investigation into whether certain officers and
directors at Achillion Pharmaceuticals, Inc. (“Achillion” or the “Company”),
breached their fiduciary duties to shareholders.
Achillion (NASDAQ: ACHN) is a biopharmaceutical company that develops
treatments for diseases such as HIV, hepatitis, and bacterial infections. On
July 1, 2013, the Company disclosed that the FDA instituted a clinical hold on
Achillion’s drug sovaprevir, due to “elevations in liver enzymes associated
with significantly higher than anticipated exposures to atazanavir and
sovaprevir were noted in a Phase I healthy subject drug-drug interaction study
evaluating the effects of concomitant administration of sovaprevir with
ritonavir-based atazanavir.” As a result of this disclosure, Achillion shares
declined $2.10 per share, or over 25%.
Then, on September 27, 2013, 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%. The investigation focuses on
whether the officers and directors breached their fiduciary duties to the
company in connection with this clinical trial and the public statements
If you are an Achillion shareholder and would like additional information
regarding this investigation, or if you have information regarding the matters
under investigation, please contact attorney Amber L. Eck at 619-342-8000, or
by email at firstname.lastname@example.org. There is no cost to you.
Zeldes Haeggquist & Eck, LLP is a full-service law firm which brings major
class actions nationwide on behalf of defrauded investors and consumers and
handles a variety of complex business litigation matters. Please visit
www.zhlaw.com or our blog for more information about the firm.
Zeldes Haeggquist & Eck, LLP
Amber L. Eck, 619-342-8000
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