Cincinnati, OH (PRWEB) April 13, 2012
The law firm of Statman, Harris & Eyrich, LLC announces that a securities class action lawsuit has been filed on behalf of shareholders of Chelsea Therapeutics Ltd. (“Chelsea” or the “Company”) common stock during the period June 9, 2011 and February 17, 2012 (the “Class Period”). The complaint, filed by another law firm on April 4, 2012 and pending before the United States District Court for the Western District of North Carolina (Case No. 12-cv-215), alleges violations of the Securities Exchange Act of 1934 against the Company and certain officers and directors.
According to court documents, defendants issued material misstatements and omissions regarding the safety and efficacy of Northera (trade name Droxidopa) for treating neurogenic orthostatic hypotension in patients with primary autonomic failure, including Parkinson’s disease by failing to disclose, among other things, the results of Phase III testing of Droxidopa for patients with neurogenic orthostatic hypotension, and the post-marketing events in Japan (where the drug has been approved since 1989). According to court documents, defendants disclosed on February 13, 2012 that the U.S. Food and Drug Administration (“FDA”) had prepared a briefing document for a February 23, 2012 Advisory Committee meeting, which raised concerns about the drug’s risks and limited benefit, and a publicly released briefing document from the FDA on February 21, 2012 revealed the FDA staff recommended to the FDA Advisory Committee that Droxidopa not be approved for use with people suffering from neurogenic orthostatic hypotension, as the drug had not demonstrated durable effectiveness and showed worrisome safety issues in test results and post-marketing cases in Japan. According to court documents, on March 28, 2012, the Company disclosed that it received a complete response letter from the FDA rejecting the Company’s New Drug Application for Northera. Shares of the Company declined from a February 10, 2012 closing price per share of $4.99 to a closing price on March 29, 2012 of $2.62 per share.
Shareholders of Chelsea Therapeutics Ltd. during the Class Period who wish to discuss this action or have questions concerning your rights are encouraged to contact attorney Brian Giles at (513) 345-8181 or at classaction(at)statmanharris(dot)com for further information without any obligation or cost to you. You must move the Court no later than June 4, 2012 if you wish to serve as lead plaintiff. However, you do not need to take any action at this time to be a class member, and you may retain counsel of your choice. The complaint, filed by another law firm on April 4, 2012, is pending before the United States District Court for the Western District of North Carolina (Case No. 12-cv-215).
Statman, Harris & Eyrich, LLC, which has significant experience in consumer and securities fraud class actions and derivative litigation, has offices in Chicago, Illinois; Cincinnati, Ohio; Dayton, Ohio; and Sarasota, Florida. http://www.statmanharris.com Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Statman, Harris & Eyrich, LLC
Brian Giles, Esq.
441 Vine Street, Suite 3700
Cincinnati, Ohio 45202
Phone: (513) 345-8181