Achillion Pharmaceuticals Inc (NASDAQ: ACHN) Investor Securities Class Action Lawsuit 10/08/2013

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Company Name(s): 
Achillion Pharmaceuticals
Case Name: 
Achillion Pharmaceuticals Shareholder Class Action Lawsuit 10/08/2013
Case Status: 
Case Dismissed
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
Class Period Begin: 
Class Period End: 
Court of Filing: 
U.S. District Court for the District of Connecticut
Deadline To File for Lead: 
Case Dismissed: 

May 5, 2014 - The lead plaintiff filed a notice of voluntary dismissal without prejudice.

December 27, 2013 - A lead plaintiff motion was filed.

October 8, 2013 - An investor in shares of Achillion Pharmaceuticals Inc (NASDAQ: ACHN) filed a lawsuit in the U.S. District Court for the District of Connecticut against Achillion Pharmaceuticals Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between April 21, 2012 and September 27, 2013, including the safety and suitability of its premier investigative drug for the treatment of hepatitis, sovaprevir.

The plaintiff claims that the defendants failed to inform investors that sovaprevir did not interact well with other drugs commonly administered to treat hepatitis and/or HIV.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Achillion Pharmaceuticals Inc (NASDAQ: ACHN) between April 21, 2012 and September 27, 2013, that Achillion Pharmaceuticals Inc and certain of its officers and directors violated federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff alleges that Achillion Pharmaceuticals Inc misled investors to believe that even though patients in Achillion Pharmaceuticals Inc's clinical trials for sovaprevir had elevations in liver enzymes, that these liver enzymes elevations were transient and returned to baseline values and were attributable to non-drug-related factors.

On September 27, 2013 Achillion Pharmaceuticals Inc provided an update on development of compounds in its pipeline of therapies for the treatment of chronic hepatitis C virus, or HCV. Achillion Pharmaceuticals Inc said that on September 27, 2013 it received a response from the U. S. Food and Drug Administration (”FDA”), on the clinical hold related to sovaprevir, Achillion Pharmaceuticals Inc's NS3 protease inhibitor. Achillion Pharmaceuticals Inc said that the FDA response indicated that, while Achillion Pharmaceuticals Inc's submission addressed all issues noted in the FDA's June 29, 2013 letter, the FDA concluded that the removal of the clinical hold is not warranted.

Shares of Achillion Pharmaceuticals Inc (NASDAQ: ACHN) dropped from $7.40 per share on September 27, 2013, to $2.65 per share on October 1, 2013.