Repros Therapeutics has received notification of a class action complaint against it, on 7 August 2009 and certain of its officers and directors, on behalf of shareholders who purchased Repros common stock between July 1, 2009 and August 3, 2009.
The complaint alleges that defendants violated certain provisions of the Securities Exchange Act of 1934 by issuing materially false and misleading press releases regarding the results of clinical trials for its drug Proellex. Repros is currently assessing all possible courses of action with respect to such complaint.
Repros received notice from NASDAQ that its market value of listed securities has been below the minimum $50,000,000 requirement for continued inclusion by NASDAQ Listing Rule 5450(b)(2)(A).
Repros has been provided until 5 November, 2009, to regain compliance with such rule. If compliance is not demonstrated by such date, Repros’ securities will be delisted from The NASDAQ Global Market.