NEW YORK, Dec. 17, 2014 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Alcobra Ltd. ("Alcobra" or the "Company") (Nasdaq:ADHD) of the January 19, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Alcobra and certain officers of the Company.
A complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons who purchased Alcobra securities between March 28, 2014 and November 14, 2014 (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws with respect to its statements concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, Alcobra misrepresented and/or failed to disclose that (i) until patients were removed from the Phase III study of Alcobra's product MDX, MDX failed to show a statistical benefit compared to placebos; and (ii) the Company had presented its analyses inconsistently.
On November 17, 2014, Alcobra announced that the topline data results of the Phase III trial of MDX in adult subjects with ADHD did not show a statistically significant outcome.
Following this news, the price of Alcobra's stock declined by $0.23 per share, or over 5%, to close on November 17, 2014 at $3.45 per share.
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Take Action
If you invested in Alcobra common stock or options between March 28, 2014 and November 14, 2014 and would like to discuss your legal rights, visit www.faruqilaw.com/ADHD. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Alcobra's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.
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