Glancy Binkow & Goldberg Files Lawsuit Against Repros To Recover Investors’ Loss

Glancy Binkow & Goldberg, a law firm has filed a class action complaint in the US District Court for the Southern District of Texas on behalf of a class consisting of all persons or entities who purchased or otherwise acquired the common stock of Repros, between July 1, 2009 and August 3, 2009, inclusive.

The complaint charges the company and certain of its executive officers with violations of federal securities laws. Repros focuses on the development of oral small-molecule drugs for the treatment of male and female reproductive disorders.

The complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning Repros’ business and prospects were materially false and misleading.

Specifically, plaintiff alleges that 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.

On August 3, 2009, Repros announced that it was suspending Proellex clinical trials based in part on the occurrence of clinically significant increases in liver enzymes. The announcement caused the price of Repros stock to decline approximately 48% from the previous day’s closing price of $2.53, to close on August 3, 2009, at $1.31 per share on extremely high trading volume of more than 7.4 million shares traded.

Plaintiff seeks to recover damages on behalf of class members and is represented by Glancy Binkow & Goldberg, with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.