Faruqi & Faruqi, LLP’s national practice focuses on complex civil litigation. The firm practices in the areas of Securities, Merger & Transactional, Shareholder Derivative, Antitrust, Consumer Class Action, and Wage & Hour litigation.
Monday, February 8, 2016
Faruqi & Faruqi Alert: Tetraphase Pharmaceuticals, Inc.
The lawsuit has been filed in the U.S. District Court for the District of Massachusetts on behalf of all those who purchased Tetraphase securities between March 5, 2015 and September 8, 2015 (the “Class Period”). The case, Harrington v. Tetraphase Pharmaceuticals Inc. et al, No. 1:16-cv-10133 (D. Mass. Jan 28, 2016) was filed on January 28, 2016, and has been assigned to Judge Leo T. Sorokin.
Specifically, on September 8, 2015, Tetraphase announced negative results of the pivotal portion of Eravacycline during the IGNITE2 phase 3 clinical trial. The Company disclosed that Eravacycline had failed to achieve its primary endpoint of statistical non-inferiority compared to Levofloxacin under the guidelines established by both the FDA and EMA.
After this announcement, Tetraphase’s share price fell from $44.78 per share on September 8, 2015 to a closing price of $8.36 on September 10, 2015—a $36.42 or a 81.3% drop.