If you have purchased shares of Catalyst Pharmaceutical Partners, Inc. (NASDAQ:CPRX) between October 31, 2012 and October 18, 2013, call 1-800-934-2921 right now to protect your rights.
Filing deadline: 12/24/2013
According to the initial complaint, the plaintiff sued on behalf of any person or entity that purchased or acquired shares of Catalyst between those dates. The plaintiff's suit alleges that the company failed to disclose that a competitor had already been producing a drug that is biologically the same as Catalyst's Firdapse. Catalyst claimed that it was developing Firdapse to treat patients who suffer from Labert-Eaton Myasthenic Syndrome (LEMS). Catalyst also stated that it was providing Firdapse to patients without charge and that the company offered the medication to patients through the firm's compassionate-use program.
In mid-October, 2013, Catalyst announced that the unbiased Data Monitoring Committee, which had been overseeing the drug's clinical trials in Europe and the United States, recommended that the medication's trial period continue. The recommendation was based on an evaluation for safety and efficacy from clinical data that was derived during the trial period of Firdapse.
In another report that was published on October 18, 2013, Catalyst and Firdapse were the subject of an article that alleged the company was profiting off a group of patients who were sick and vulnerable. The report stated that Catalyst was developing drugs for diseases that may otherwise be ignored, and Catalyst was charging the insurance industry exorbitant prices. Most insurance providers generally pay for the expensive medication because only a few patients suffer from LEMS. The article further stated that the few patients who do suffer from LEMS may have to pay more than $60,000 per year for treatment, even though the same drug has been available for LEMS patients for the past 20 years and given to LEMS patients in the United States for free by Jacobus Pharmaceuticals, a smaller, family-run pharmaceutical company in New Jersey. Shares of Catalyst have swiftly dropped from a high of $3.50 in the beginning of October 2013 to a low of $1.87 as of October 25, 2013.
Own shares of Catalyst Pharmaceutical Partners, Inc. (NASDAQ:CPRX)? Contact us to protect your rights.
If you have purchased shares of Catalyst Pharmaceutical Partners, Inc. (NASDAQ:CPRX) between October 31, 2012 and October 18, 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.