Antares Pharma Inc (NASDAQ: ATRS) Investor Securities Class Action Lawsuit 10/23/2017

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Company Name(s): 
Antares Pharma
Case Name: 
Antares Pharma Shareholder Class Action Lawsuit 10/23/2017
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: ATRS
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
10/23/2017
Class Period Begin: 
12/21/2016
Class Period End: 
10/12/2017
Court of Filing: 
U.S. District Court for the District of New Jersey
Deadline To File for Lead: 
12/22/2017
Summary: 

July 2, 2019 - The court dismissed the case.

June 30, 2019 - The Court issued an Order granting Defendants' Motion to Dismiss, but gave leave to amend the Complaint.

November 26, 2018 - The defendants filed a Motion to Dismiss the amended Complaint.

October 9, 2018 - A consolidated amended complaint was filed.

July 27, 2018 - Lead plaintiff and lead counsel were appointed.

December 22, 2017 - Lead plaintiff motions were filed.

October 23, 2017 - An investor in shares of Antares Pharma Inc (NASDAQ: ATRS) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Antares Pharma Inc in connection with certain allegedly false and misleading statements made between December 21, 2016 and October 12, 2017.

Ewing, NJ based Antares Pharma Inc is a specialty pharmaceutical company that focuses on developing and commercializing self-administered parenteral pharmaceutical products and technologies. Antares Pharma Inc’s product Xyosted (originally known as QuickShot Testosterone or QST) has been among the Company’s lead product candidates at all relevant times. Antares Pharma Inc announced its submission of a New Drug Application (“NDA”) for Xyosted to the U.S. Food and Drug Administration (“FDA”) on December 21, 2016.

On October 12, 2017, Antares Pharma Inc announced that, on October 11, 2017, the Company received a letter from the U.S. Food and Drug Administration (“FDA”) stating that, as part of their ongoing review of the Company’s NDA for XYOSTED™ injection, they have identified deficiencies that preclude the continuation of the discussion of labeling and postmarketing requirements/commitments at this time.

On October 20, 2017, Antares Pharma Inc announced receipt of a Complete Response Letter (“CRL”) from the FDA regarding the NDA for Xyosted, “indicat[ing] that the FDA cannot approve the NDA in its present form.” Antares Pharma Inc stated, in part that “the FDA is concerned that XYOSTED could cause a clinically meaningful increase in blood pressure” and also “raised a concern regarding the occurrence of depression and suicidality.”

According to the complaint the plaintiff alleges on behalf of purchasers of Antares Pharma Inc (NASDAQ: ATRS) common shares between December 21, 2016, and October 12, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between December 21, 2016 and October 12, 2017, the made false and/or misleading statements and/or failed to disclose that Antares Pharma Inc had provided insufficient data to the FDA in connection with its NDA for Xyosted, that accordingly, Antares Pharma Inc had overstated the approval prospects for Xyosted, and that as a result of the foregoing, Antares Pharma Inc’s public statements were materially false and misleading at all relevant times.