NEW YORK, July 30, 2015 (GLOBE NEWSWIRE) -- Morgan & Morgan reminds investors that securities class actions have been filed in the United States District Court for the Southern District of California on behalf of those who purchased shares of Celladon Corp. ("Celladon" or the "Company") (Nasdaq:CLDN), during the period between July 7, 2014 and June 25, 2015, inclusive (the "Class Period").
If you purchased Celladon securities during the Class Period, you may, no later than August 31, 2015, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you want more information about the Celladon Securities Class Action, contact Morgan & Morgan at 1(800) 732-5200 or email info@morgansecuritieslaw.com
The complaints allege that during the Class Period defendants made materially false and misleading statements and/or failed to disclose adverse information regarding the Company's prospects for its lead drug candidate, MYDICAR, for treating enzyme deficiency in heart failure patients that results in inadequate pumping of the heart. As a result of these materially false and misleading statements or omissions, Celladon securities traded at artificially inflated prices during the Class Period.
On April 26, 2015, the Company reported that its Phase 2b CUPID2 trial of the MYDICAR program did not meet its primary and secondary endpoints. The Company had failed to disclose that success in CUPID1 trial was not indicative of any success in the CUPID2 trial since the CUPID1 trial was extremely small. Following this announcement, Celladon's share price fell $10.78 or 78.80% during intraday trading, to close at $2.90 on April 27, 2015.
On June 26, 2015, Celladon reported the suspension of research and development of the MYDICAR program. Following this news, Celladon stock fell $0.85 or 38% to close at $1.35 per share on June 26.
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