SAN DIEGO, Jan. 14, 2025 /PRNewswire/ -- Robbins LLP informs investors that a class action was filed on behalf of all persons and entities that purchased or otherwise acquired Pacira BioSciences, Inc. (NASDAQ: PCRX) securities between August 2, 2023 and August 8, 2024. Pacira is an American pharmaceutical company committed to developing and providing non-opioid pan management and regenerative health solutions.
For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.
The Allegations: Robbins LLP is Investigating Allegations that Pacira BioSciences, Inc. (PCRX) Failed to Disclose its Lack of Patent Protection for Exparel
According to the complaint, during the class period, defendants created the false impression that Pacira had sufficient patent protections on Exparel (bupivacaine liposome injectable suspension), which the Company stated was critical to its future growth and revenue. In truth, Pacira knew that the '495 patent was not as protective as defendants publicly touted because on June 6, 2023, the New Jersey District Court issued a ruling against Pacira in its case against eVenus Pharmaceuticals for patent infringement related to Exparel.
Defendants continued to make public statements affirming their belief in the '495 patent and the protection it provided for Exparel. Therefore, when the '495 patent was invalidated in another case Pacira filed against eVenus, investors and analysts were shocked by the concerning news that Exparel, which accounts for approximately 80% of Pacira's revenue, did not have sufficient patent protection to prevent another company from producing a generic during the life of the patent. When Pacira announced it lost the second lawsuit against eVenus on August 9, 2024, the price of Pacira's stock fell from $22.36 per share on August 8, 2024, to $11.70 per share on August 9, 2024, a decline of over 47% in a single day.
What Now: You may be eligible to participate in the class action against Pacira BioSciences, Inc. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by March 14, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002.
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SOURCE Robbins LLP
