NEW YORK, Nov. 24, 2014 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Alcobra Ltd ("Alcobra" or the "Company") (NASDAQ: ADHD). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 237.
The investigation concerns whether Alcobra and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Alcobra is a biopharmaceutical company focused on the development and commercialization of proprietary drug candidates, including its most advanced product, MDX, for the treatment of attention deficit hyperactivity disorder (ADHD) and other cognitive dysfunctions. On October 6, 2014, the Company announced topline results from its Phase III study of MDX in Adult ADHD, and declared that MDX demonstrated a statistically significant improvement in ADHD symptoms. Then on October 22, 2014, the Company announced that the MDX Phase III study, in fact, did not demonstrate a statistically significant improvement in patient symptoms, stating in relevant part: "While a complete ITT analysis by ADHD subtypes is still ongoing...the magnitude of symptom improvement appears to be similar in all subtypes, and the Predominantly-Inattentive ADHD (PI-ADHD) subtype alone did not produce a statistically significant outcome." On this news, shares of Alcobra declined $1.48 per share, or 26%, to close at $4.20 per share, on October 23, 2014.
Then, on November 17, 2014, Alcobra announced that the Company plans to meet with the FDA and launch a second adult Phase III study in 2015. According to the Company, Alcobra is "currently evaluating changes to the design and monitoring of the second trial to control the unusually high placebo response and wide response variability observed in the first Phase III study." Following this news, Alcobra shares declined 6%, or $0.21 per share, and declined an additional 6% per share the next day, to a closing price of $3.24 per share on November 18, 2014, on unusually heavy volume.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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SOURCE Pomerantz LLP