Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Aratana Therapeutics (NASDAQ: PETX) in connection to alleged violations of securities laws by PETX. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Aratana Therapeutics between March 16, 2015 and February 3, 2017.
The class action complaint specifically alleges that during the period in question, Aratana Therapeutics and certain of its officers might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, namely: that the company failed to establish adequate contracts to sustain manufacturing of its canine appetite stimulant ENTYCE at a commercial scale; that as a result of this, the product was unlikely to reach commercial availability until the latter portion of 2017; that as a result of this, Aratana had provided misleading information regarding ENTYCE’s commercial timeline to its investors; and that thus the company’s public statements regarding such were false and or misleading.
The company disclosed on February 6, 2017 that the Center for Veterinary Medicine had requested additional data concerning ENTYCE “in connection with the Company’s post-approval supplement request to transfer the manufacturing of ENTYCE to a new vendor in order to produce ENTYCE at a commercial scale” and that accordingly the company expected ENTYCE to be commercially available in late 2017. When this news was released, PETX’s share price descended 17,39%, or $1.44, and closed at $6.59 on 2/6/17.
According to the company’s website, Aratana Therapeutics “is a pioneer in pet therapeutics focused on licensing, developing and commercializing innovative therapeutics for dogs and cats.” The description continues: “Aratana means ‘new beginning’ and it defines our mission of developing safe and effective therapeutics for unmet or underserved medical conditions in pets. Our goal is to provide veterinarians and pet owners with new therapeutics that are driven by science and specifically made for pets. We believe pets are family and they deserve the best quality care.”
A class action lawsuit has already been filed in connection with Aratana Therapeutics. If you wish to serve as lead plaintiff in the PETX lawsuit, you must move the Court no later than April 7, 2017. If you wish to join the litigation, please contract Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.