NEW YORK, Aug. 27, 2018 /PRNewswire/ — Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Ampio Pharmaceuticals, Inc. (“Ampio” or the “Company”) (NYSE-MKT:AMPE) of the October 24, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Ampio stock or options between December 14, 2017 and August 7, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/AMPE. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Ampio securities between December 14, 2017 and August 7, 2018 (the “Class Period”). The case, Shi v. Ampio Pharmaceuticals, Inc. et al., No. 18-cv-07476 was filed on August 25, 2018.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) the FDA would find Ampio’s AP-003-C Phase 3 clinical trial for Ampion, the Company’s flagship drug, inadequate and not well-controlled; (2) as a result, Ampio had not successfully completed two pivotal clinical trials for Ampion; and (3) consequently, Defendants’ public statements were materially false and misleading at all relevant times.
Specifically, on August 7, 2018, after the market closed, Ampio announced updated business disclosures relating to its AP-003-A and AP-003-C trials. The announcement revealed that the FDA did not consider the AP-003-C study to be an adequate and well-controlled clinical trial, and that the study’s shortcomings prevented FDA support for a Biologic License Application (“BLA”).
On this news, Ampio’s share price fell from $2.86 per share on August 7, 2018 to $0.61 per share on August 8, 2018—a $2.25 or 78.89% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Ampio’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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