Murray, Frank & Sailer has filed a class action suit in the Southern District of Texas Houston Division, against Repros Therapeutics and some of its officers and directors. The lawsuit was filed on behalf of shareholders who purchased Repros common stock between July 1, 2009 and August 3, 2009.
The complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, by issuing materially false and misleading press releases regarding the success of clinical trials for its drug – Proellex. On August 3, 2009, Repros revealed that it was suspending Proellex clinical trials based on a clinically significant increase in liver enzymes among the participants.
Complaint seeks to recover damages on behalf of class members and is represented by Murray, Frank & Sailer.