New York, New York--(Newsfile Corp. - December 13, 2019) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Lipocine Inc. (NASDAQ: LPCN) ("Lipocine" or the "Company") of the January 14, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
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If you invested in Lipocine stock or options between March 27, 2019 and November 8, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/LPCN. There is no cost or obligation to you.
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.
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the District of Utah on behalf of all those who purchased Lipocine securities between March 27, 2019 and November 8, 2019 (the "Class Period"). The case, Abady v. Lipocine Inc. et al., No. 19-cv-00906 was filed on November 14, 2019, and has been assigned to Magistrate Judge Paul M. Warner.
Lipocine's lead product candidate is TLANDO (LPCN 1021), an oral testosterone replacement therapy. The Company has previously submitted New Drug Applications ("NDA") for TLANDO twice and, both times, received Complete Response Letters ("CRL") from the U.S. Food and Drug Administration ("FDA") rejecting the NDAs. The Company received the first CRL in June 2016 and the second in May 2018.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (i) the results from Lipocine's clinical studies of TLANDO were insufficient to demonstrate the drug's efficacy; (ii) accordingly, Lipocine's third NDA for TLANDO was highly likely to be found deficient by the FDA; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times.
On November 11, 2019, Lipocine issued a press release announcing receipt of a CRL from the FDA regarding its NDA for TLANDO (the "November 2019 Press Release"). In that press release, Lipocine advised investors that the FDA had again rejected the NDA for TLANDO-this time because an efficacy trial had not met three of its secondary endpoints.
On this news, Lipocine's share price fell from $2.73 per share on November 8, 2019 to a closing price of $0.80 on November 11, 2019: a $1.93 or a 70.7% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative 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. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Lipocine's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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