Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the District of Connecticut on behalf of investors who purchased Achillion Pharmaceuticals, Inc. (“Achillion” or the “Company”) (NasdaqGS: ACHN) common stock between August 8, 2012 and September 30, 2013.
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The complaint alleges that the Company issued materially false and misleading statements regarding the safety and suitability of its hepatitis drug sovaprevir. In particular, it is alleged that Company misled investors regarding the drug’s interactions with other drugs commonly administered to treat hepatitis and/or HIV; it is further alleged that the Company misled investors by stating that elevated liver enzymes in patients engaged in the clinical trials were transient and related to non-drug-related factors.
On July 1, 2013, the Company disclosed that the FDA had instituted a hold on sovaprevir after “elevations in liver enzymes” were noted in a Phase I healthy subject drug-drug interaction study. Then on September 27, 2013, it was announced that the FDA was maintaining its clinical hold on sovaprevir. Upon this news, shares of Achillion fell over 58% to a close of $3.02 on September 30, 2013.
If you suffered a loss in Achillion Pharmaceuticals you have until December 9, 2013 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at
or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.