Lipocine Inc (NASDAQ: LPCN) Investor Securities Class Action Lawsuit 07/01/2016

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Company Name(s): 
Lipocine
Case Name: 
Lipocine Shareholder Class Action Lawsuit 07/01/2016
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: LPCN
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
07/01/2016
Class Period Begin: 
06/30/2015
Class Period End: 
06/28/2016
Court of Filing: 
U.S. District Court for the District of New Jersey
Deadline To File for Lead: 
08/30/2016
Date Settled: 
03/21/2018
Settlement Amount: 
$4,250,000
Deadline to Participate in Settlement: 
06/11/2018
Settlement Notice: 
Settlement Proof: 
Summary: 

July 9, 2018 - The court approved the settlement.

March 21, 2018 - The court preliminarily approved the settlement.

March 15, 2018 - Parties filed a stipulation of settlement.

November 13, 2017 - The court denied defendants' motion to dismiss.

June 12, 2017 - Defendants filed a motion to dismiss.

April 27, 2017 - The lead plaintiff filed an amended complaint.

December 2, 2016 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

August 30, 2016 - Lead plaintiff motions were filed.

July 1, 2016 - An investor in shares of Lipocine Inc (NASDAQ: LPCN) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Lipocine Inc in connection with certain allegedly false and misleading statements made between June 30, 2015 and June 28, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Lipocine Inc (NASDAQ: LPCN) common shares between June 30, 2015 and June 28, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between June 30, 2015 and June 28, 2016 the defendants made allegedly false and/or misleading statements and/or failed to disclose that Lipocine Inc’s filing of its New Drug Application to the U.S. Food and Drug Administration for LPCN 1021, Lipocine Inc’s lead product candidate, contained deficiencies, and that as a result, defendants’ statements about Lipocine Inc’s business and operations were false and misleading and/or lacked a reasonable basis.

Shares of Lipocine Inc (NASDAQ: LPCN) grew from $3.95 per share in November 2014 to as high as $18.04 per share in September 2015.

On June 29, 2016, Lipocine Inc announced that it has received a Complete Response Letter ("CRL") from the United States Food and Drug Administration ("FDA") regarding its New Drug Application ("NDA") for LPCN 1021, an oral testosterone product candidate for testosterone replacement therapy ("TRT") in adult males for conditions associated with a deficiency or absence of endogenous testosterone, also known as hypogonadism. Lipocine Inc said that the CRL identified deficiencies related to the dosing algorithm for the label. More specifically, Lipocine Inc said that the CRL stated that the proposed titration scheme for clinical practice was significantly different from the titration scheme used in the Phase 3 trial leading to discordance in titration decisions between the Phase 3 trial and real-world clinical practice.

Shares of Lipocine Inc (NASDAQ: LPCN) declined to as low as $2.51 per share on June 29, 2016.

On July 1, 2016, NASDAQ: LPCN shares closed at $3.04 per share.