Feazell & Tighe, a law firm has filed a lawsuit in the US District Court for the Southern District of Texas on behalf of all persons or entities who purchased or otherwise acquired the common stock of Repros Therapeutics (Repros), between July 1, 2009 and August 3, 2009.
The complaint alleges that Repros and certain of its executive officers violated federal securities laws by issuing material misrepresentations to the market concerning the company’s business and prospects.
Specifically, plaintiff alleges that throughout the Class Period defendants knew or recklessly disregarded and failed to disclose that Proellex elevated liver enzymes to dangerous levels in certain patients participating in the drug’s clinical trials, which could result in cancellation of the Proellex clinical trials.
Repros’ Proellex, is being developed for the treatment of symptoms associated with uterine fibroids and endometriosis and as a pre-surgical treatment for anemia associated with excessive menstrual bleeding related to uterine fibroids.
Earlier, on August 3, 2009, Repros has announced that it was suspending Proellex clinical trials based on the occurrence of clinically significant increases in liver enzymes.