Tripp Levy PLLC announces that a class action lawsuit has been filed on behalf of shareholders of Prosensa Holding N.V.
July 21, 2014
New York, New York
Tripp Levy PLLC, a leading national securities law firm, announces that a class action lawsuit has been filed on behalf of shareholders of Prosensa Holding N.V. (“Prosensa” or the “Company”) (NASDAQ: RNA) in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) comprising all persons and/or entities who purchased or otherwise acquired the ordinary shares of Prosensa pursuant and/or traceable to the Registration Statement and Prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s initial public offering (“IPO”) on or about June 28, 2013.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact us toll free at 1-800-906-6432 or contact us via our website. 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.
Prosensa is a biotechnology company engaged in the discovery and development of RNA-modulating therapeutics for the treatment of genetic disorders. The Company’s first and lead product candidate was drisapersen, which Prosensa was developing in collaboration with GlaxoSmithKline to address a variety of mutations resulting in inadequate production of dystrophin − a protein necessary for muscle function. The Complaint alleges that the Registration Statement contained materially false and/or misleading statements and/or omitted material information concerning the development status of drisapersen, the drug’s Phase II and Phase III clinical studies, and the prospects for drisapersen’s regulatory approval.
On September 20, 2013, less than three months after the IPO, the Company issued a joint press release with GlaxoSmithKline, disclosing that drisapersen had not met the primary endpoint in the Phase III study. According to the press release, “[t]here was no treatment difference in key secondary assessments of motor function: 10-meter walk/run test, 4-stair climb and North Star Ambulatory Assessment.”
As a result of this news, Prosensa stock declined approximately 70 percent, or $16.86 per share, on unusually heavy trading volume, to close on September 20, 2013 at $7.14 per share.
Plaintiff seeks to recover damages on behalf of all purchasers of Prosensa publicly traded securities issued in connection with the Company’s initial public offering (“IPO”) on or about June 28, 2013. Tripp Levy PLLC is a leading national securities and shareholder rights law firm with offices across the country representing both individual and institutional shareholders and, along with its affiliates, has recovered billions of dollars for shareholders. Tripp Levy PLLC is affiliated with Milberg LLP.
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