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.