NEW YORK, — Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Lexicon Pharmaceuticals, Inc. (“Lexicon” or the “Company”)(NASDAQ:LXRX) of the April 1, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Lexicon stock or options between March 11, 2016 and January 17, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/LXRX. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to[email protected]
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of Texas on behalf of all those who purchased Lexicon securities between March 11, 2016 and January 17, 2019 (the “Class Period”). The case, Manopla v. Lexicon Pharmaceuticals, Inc. et al., No. 19-cv-00301 was filed on January 28, 2019, and has been assigned to Judge Ewing Werlein, Jr.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failed to disclose that: (1) the data from Lexicon’s Phase 3 clinical trials assessing the safety and efficacy of Sotagliflozin in treating type 1 diabetes were not as positive as Lexicon represented; (2) the health risks posed by Sotagliflozin were severe enough to threaten its FDA approval prospects; and (3) as a result, Lexicon’s public statements were materially false and misleading at all relevant times.
On January 17, 2019, Lexicon announced that the Endocrinologic and Metabolic Drugs Advisory Committee of the FDA (the “Advisory Committee”) had “voted eight to eight on the question of whether the overall benefits of [Lexicon’s product] Zynquista (sotagliflozin) outweighed the risks to support approval.”
On this news, Lexicon’s share price fell from $7.70 per share on January 17, 2019 to a closing price of $5.96 on January 18, 2019: a $1.74 or a 22.60% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Lexicon’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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