Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Regulus Therapeutics (NASDAQ: RGLS) in connection to alleged violations of securities laws by RGLS. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Regulus Therapeutics between January 21, 2016 and June 27, 2016.
The lawsuit specifically alleges that during the period in question, RGLS might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public. On June 27, 2016, the company announced that it had received a verbal notification by the US Food and Drug Administration that its new treatment for hepatitis C, RG-101, would be placed on a clinical hold. The reason was that it had caused a second case of jaundice. This announcement was made after market hours. The next day, RGLS’s value fell more than 49%. In January 2017, Regulus Therapeutics announced that RG-101 would not be taken off hold until the FDA had resolved safety concerns.
According to the company’s website, Regulus Therapeutics, a biopharmaceutical company, “was formed in September 2007 by Alnylam Pharmaceuticals (NASDAQ:ALNY) and Isis Pharmaceuticals, now Ionis Pharmaceuticals (NASDAQ:IONS) and has continued to build upon its thought leadership, knowledge base, and intellectual property to become the leader in microRNA therapeutics.” The description continues: “Regulus Therapeutics is located in La Jolla, California and is led by a seasoned executive team and board of directors, with proven expertise in corporate management, business operations, drug discovery and development. Regulus’ scientific advisory board consists of world-class scientists and several of the foremost authorities in the field of microRNA research.”