Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) Shareholder Class Action Lawsuit

On October 8, 2013, an investor initiated a lawsuit against Achillion Pharmaceuticals (ACHN) for issuing false and misleading statements to those who purchased securities from April 21, 2012 to September 27, 2013. The investor filed the lawsuit in the U.S. District Court for the District of Connecticut. Achillion Pharmaceuticals also allegedly misled individuals about the safety and suitability of its new drug used to treat hepatitis. The new drug is named Sovaprevir.

If you have purchased shares of Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) between April 21, 2012 and September 27, 2013, call 1-800-934-2921 right now to protect your rights.

Filing deadline:  12/09/2013

It appears that ACHN failed to make investors and purchasers aware of the status of Sovaprevir. Those who were taking Sovaprevir and other drugs commonly given to hepatitis patients experienced adverse side effects. Sovaprevir did not interact well with other drugs, and ACHN failed to tell investors about this malfunction.

The plaintiff now seeks to recover damages for all of those individuals or entities who purchased ACHN securities between April 21, 2012 and September 27, 2013. Those who purchased ACHN securities in this time period should get in touch with our lawyers for more information about litigation or the settlement claims process.

The plaintiff further alleges that directors and officers were in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. In addition, these officials were also allegedly in violation of 10b-5. 

The plaintiff states that the Company failed to provide accurate information in regards to the clinical trials involving Sovaprevir. The Company misled investors and told them that liver enzymes returned to baseline values due to factors that were not related to Sovaprevir.

The FDA has now started to become involved in researching and investigating the Sovaprevir drug. In the past, the FDA has placed a clinical hold on a drug related to Sovaprevir, which is the NS3 protease inhibitor. In a recent letter, the FDA indicated that it was not removing the clinical hold on this inhibitor drug. This may mean that there are dangers associated with the inhibitor drug and Sovaprevir. Even though ACHN has submitted to the investigation by the FDA, it does not have the power to remove any clinical hold yet.

The value of ACHN shares has also undergone dramatic changes in the past year. On September 27, 2013, the value of ACHN shares was $7.40 per share. On October 1, 2013, the value of ACHN shares dramatically decreased to $2.65 per share. It is unclear whether the filing of this lawsuit may have caused the value of the shares to decrease.

Own shares of Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) ? Contact us to protect your rights.

If you have purchased shares of Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) between April 21, 2012 and September 27, 2013, call 1-800-934-2921 right now to protect your rights. Complete the form on this page or call attorney Bill Kyros at 1-800-934-2921 right now to protect your rights. 

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