Robbins Arroyo LLP: Agile Therapeutics, Inc. (AGRX) Misled Shareholders According to a Recently Filed Class Action
12 January 2017 - 8:29AM
Business Wire
Shareholder rights law firm Robbins Arroyo LLP announces that a
class action complaint was filed against Agile Therapeutics, Inc.
(NASDAQGM: AGRX) in the U.S. District Court for the District of New
Jersey. The complaint is brought on behalf of all purchasers of
Agile securities between March 9, 2016 and January 3, 2017, for
alleged violations of the Securities Exchange Act of 1934 by
Agile's officers and directors. Agile, a specialty pharmaceutical
company, focuses on the development and commercialization of
prescription contraceptive products for women. The company's lead
product is the Twirla contraceptive patch.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/agile-therapeutics-inc
Agile Accused of Lying About the Efficacy of Its
Product
According to the complaint, Agile conducted a clinical trial,
known as SECURE, to evaluate the safety, efficacy, and tolerability
of Twirla in 2,032 women. Agile touted the SECURE trial in its
public filings, stating that it believed the clinical trial data
from the SECURE trial would support its future marketing of Twirla.
Agile continued to report on the progression of the trial, stating
that it had "made significant progress on the execution of our
business strategy to build a commercially competitive women's
health franchise." Agile further stated that it believed making
Twirla commercially available would fill a strong need for
innovative products in women's health.
However, the complaint alleges that Agile officials failed to
disclose that: (1) the Twirla contraceptive patch had an efficacy
rating below peer group standards; (2) over half of patients in its
SECURE trial discontinued the study early; and (3) therefore, the
U.S. Food and Drug Administration ("FDA") would likely not approve
the Twirla patch marketing application. On January 3, 2017, Agile
revealed that the Twirla patch's efficacy measure, which was 4.80,
failed to meet the industry standard for FDA approved
contraceptives, which is 3.19. The company further announced that
51.4% of patients failed to continue the study to completion. On
this news, Agile's stock fell $2.37 per share, or nearly 50%, to
close at $2.63 per share on January 4, 2017.
Agile Shareholders Have Legal Options
Concerned shareholders who would like more information about
their rights and potential remedies can contact attorney Darnell R.
Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the
shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
shareholder rights law. The firm represents individual and
institutional investors in shareholder derivative and securities
class action lawsuits, and has helped its clients realize more than
$1 billion of value for themselves and the companies in which they
have invested.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: http://www.businesswire.com/news/home/20170111006125/en/
Robbins Arroyo LLPDarnell R. Donahue(619) 525-3990 or Toll Free
(800) 350-6003DDonahue@robbinsarroyo.comwww.robbinsarroyo.com
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