Aegerion Pharmaceuticals Inc (NASDAQ: AEGR) Investor Securities Class Action Lawsuit 01/15/2014

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Company Name(s): 
Aegerion Pharmaceuticals
Case Name: 
Aegerion Pharmaceuticals Shareholder Class Action Lawsuit 01/15/2014
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: AEGR
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
01/15/2014
Class Period Begin: 
04/30/2013
Class Period End: 
05/11/2016
Court of Filing: 
U.S. District Court for the District of Massachusetts
Deadline To File for Lead: 
03/17/2014
Date Settled: 
06/29/2017
Settlement Amount: 
$22,250,000
Deadline to Participate in Settlement: 
11/17/2017
Summary: 

June 29, 2017 - The court preliminarily approved the settlement.

January 17, 2017 - Parties filed a stipulation of settlement.

August 21, 2015 - The lead plaintiff filed a second amended complaint on behalf of investors who purchased Aegerion Pharmaceuticals Inc (NASDAQ: AEGR) common shares between April 30, 2013 and October 30, 2014. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between April 30, 2013 and October 30, 2014.

March 17, 2014 - Lead plaintiff motions were filed.

January 15, 2014 - An investor in shares of Aegerion Pharmaceuticals Inc (NASDAQ: AEGR) filed a lawsuit in the U.S. District Court for the District of Massachusetts against Aegerion Pharmaceuticals Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between March 15, 2012 and January 9, 2014.

According to the complaint the plaintiff alleges on behalf of a all persons or entities who purchased or otherwise acquired securities of Aegerion Pharmaceuticals Inc (NASDAQ: AEGR) between March 15, 2012 and January 9, 2014, that Aegerion Pharmaceuticals Inc and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

Aegerion Pharmaceuticals Inc’s products include JUXTAPID (lomitapide) capsules, an adjunct to a low-fat diet and other lipid-lowering treatments in patients with homozygous familial hypercholesterolemia.

More specifically, the plaintiff claims that the defendants made allegedly false and/or misleading statements and/or failed to disclose to Aegerion Pharmaceuticals Inc investors that Aegerion Pharmaceuticals Inc marketed its drugs in violation of the FDCA, that as a result, Aegerion Pharmaceuticals Inc faced heightened regulatory scrutiny by the FDA and other governmental bodies, and that as a result of the foregoing, Aegerion Pharmaceuticals Inc's statements were allegedly materially false and misleading at all relevant times.

On March 15, 2012, Aegerion Pharmaceuticals Inc filed its annual report with the SEC. On March 18, 2013, Aegerion Pharmaceuticals Inc filed its annual report with the SEC. Aegerion Pharmaceuticals Inc’s Net Loss increased from $12.20 million in 2009 to $62.27 million in 2012. Nevertheless, shares of Aegerion Pharmaceuticals Inc (NASDAQ: AEGR) grew from $12.04 per share in April 2012 to as high as $97.24 per share in October 2013.

Then in November 8, 2013, news reports revealed that Aegerion Pharmaceuticals Inc received an FDA Warning Letter (the, "Warning Letter") in connection with statements that Aegerion Pharmaceuticals Inc's CEO made regarding JUXTAPID capsules, during broadcast interviews on CNBC's television show, "Fast Money," that aired on June 5, 2013, and October 31, 2013.