LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York, captioned Rosi v. Aclaris Therapeutics, Inc. et al., (Case No. 1:19-cv-07118), on behalf of persons and entities that purchased or otherwise acquired Aclaris Therapeutics, Inc. (NASDAQ: ACRS) (“Aclaris” or the “Company”) securities between May 8, 2018 and June 20, 2019, inclusive (the “Class Period”). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”).
Investors are hereby notified that they have 60 days from the date of this notice to move the Court to serve as lead plaintiff in this action.
If you are a shareholder who suffered a loss, click here to participate.
On June 20, 2019, the U.S. Food & Drug Administration (“FDA”) stated that an advertisement for Aclaris’s hydrogen peroxide topical solution, Eskata, “makes false or misleading claims” regarding the product’s risk and efficacy. Specifically, “a direct-to-consumer video of an interview featuring a paid Aclaris spokesperson” was “especially concerning from a public health perspective because it fails to include information regarding the serious risks associated with Eskata, which bears warnings and precautions related to the risks of serious eye disorders . . . in the case of exposure to the eye and severe skin reactions including scarring.”
On this news, Aclaris’s stock price fell $0.57, or over 11%, over the next two trading sessions to close at $4.54 on June 21, 2019.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company’s advertising materials minimized the risks and overstated the efficacy of ESKATA to generate sales; (2) that, as a result, the Company was reasonably likely to face regulatory scrutiny; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
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If you purchased Aclaris securities during the Class Period, you may move the Court no later than 60 days from the date of this notice to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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