Aegerion Pharmaceuticals, Inc. (NASDAQ:AEGR) Investor Investigation Over Potential Breaches Of Fiduciary Duties Announced

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Company Name(s): 
Aegerion Pharmaceuticals
Affected Securities: 
NASDAQ: AEGR

September 23, 2014 (Shareholders Foundation) - An investigation on behalf of current long-term investors in shares of Aegerion Pharmaceuticals, Inc. (NASDAQ:AEGR) concerning potential breaches of fiduciary duties by certain directors and officers of Aegerion Pharmaceuticals was announced.

The investigation by a law firm for current long term investors in Aegerion Pharmaceuticals, Inc. (NASDAQ:AEGR) stocks follows a lawsuit that is currently pending against Aegerion Pharmaceuticals, over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:AEGR stocks, concerns whether certain Aegerion Pharmaceuticals officers and directors are liable in connection with the allegations made in that lawsuit.

According to that complaint filed in the U.S. District Court for the District of Massachusetts the plaintiff alleges that Aegerion Pharmaceuticals, Inc.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.

In November 2013, news reports revealed that Aegerion Pharmaceuticals, Inc. received an FDA Warning Letter (the, "Warning Letter") in connection with statements the Company'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. Then on January 9, 2014, Aegerion Pharmaceuticals, Inc. reported its preliminary 2013 Net product sales, its outlook for 2014 and other business updates. Among other things, Aegerion Pharmaceuticals, Inc. announced that it has received a subpoena from the United States Department of Justice, represented by the U.S. Attorney’s Office in Boston, MA, requesting documents regarding the Company’s marketing and sale of JUXTAPID in the U.S.

Shares of Aegerion Pharmaceuticals, Inc. (NASDAQ:AEGR) declined from over $97 per share in October 2013 to under $27 per share in July 2014.