This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Wolf Haldenstein Announces Investigation Of Achillion Pharmaceuticals Inc.

The law firm of Wolf Haldenstein Adler Freeman & Herz LLP announces that it is investigating potential federal securities claims against Achillion Pharmaceuticals Inc. (“Achilion” or “Company”) (NASDAQ GS:ACHN) and certain of its officers and directors in connection with allegations that the Company made materially false and misleading statements regarding Company’s experimental hepatitis C drug.

Specifically, on September 30, 2013, the Company disclosed it received a response from the U.S. Food and Drug Administration on the clinical hold already in effect since June 2013, related to sovaprevir, Achillion's NS3 protease inhibitor.

The FDA response indicated that, “while Achillion's submission addressed all issues noted in the FDA's June 29, 2013 letter, the FDA concluded that the removal of the clinical hold is not warranted.” Presumably, the FDA’s decision to continue the hold was because it observed high levels of liver enzymes in healthy patients, which can indicate damage, when sovaprevir was combined with two medicines used to treat HIV infection.

On this news, shares of Achillion shares fell $4.30 per share, more than 59.53% on intraday trading, to a price of $2.94 on September 30, 2013.

Even though the sovaprevir trial was on hold since June, as recently as September 10, 2013, the Company’s President/CEO Milind S. Deshpande stated at the Robert W. Baird and Co. Health Care Conference that he anticipated the Company would “receive a favorable response from the [FDA].” Moreover, he said with a 99.99% confidence interval that there is no overlap between the exposures we see in our – [sic] with our clinical doses versus the exposure we’re seeing in the DDI study.”

Wolf Haldenstein has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in United States federal and state courts. Please visit the Wolf Haldenstein website ( for more information about the firm.

Please contact us if you own Achillion common stock and wish to discuss this matter with us, or have any questions concerning your rights and interests:

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs