Cases
Agile Therapeutics Inc. (NASDAQ: AGRX)
Securities Class Action
Overview
Overview
- Date:
- 1/10/2017
- Company Name:
- Agile Therapeutics Inc.
- Stock Symbol:
- AGRX
- Class Period:
- FROM 3/9/2016 TO 1/3/2017
- Status:
- Closed/Complete
- Court:
- U.S. Bankruptcy Court: District of New Jersey
NEW YORK, January 10, 2017 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the New Jersey District Court on behalf of all persons or entities who acquired Agile Therapeutics Inc. (NASDAQ: AGRX) securities between March 9, 2016 and January 3, 2017 (the “Class Period”).
According to the complaint, throughout the Class Period, defendants issued materially false and misleading statements to investors and failed to disclose that: (1) the Twirla contraceptive patch had an efficacy rating that fell below peer group standards; (2) over half of patients in its "Secure" Phase 3 Study discontinued the study early; (3) the Twirla patch therefore allegedly had a slight chance of FDA approval; and (4) as a result, defendants' positive statements about its business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
On January 3, 2017, Agile revealed information related to the Phase 3 study of its Twirla product, a combined hormonal contraceptive patch. The study failed to meet standards achieved by other existing marketed contraceptive patches. Moreover, rather than the patch being designed to "optimize . . . patient comfort," Agile disclosed that a full 51.4% of trial participants discontinued use during the trial, with 4.3% complaining of headaches, 4.1% complaining of nausea, 2% complaining of breast tenderness/discomfort, 2.7% complaining of mood swings/changes/depression, and 1.8% complaining of heavy/irregular vaginal bleeding, and another 1.7% reporting "serious adverse events" including "deep vein thrombosis, pulmonary embolism, gallbladder disease, ectopic pregnancy, and depression." Of reported patches worn, 17% of participants reported experiencing patch site irritation and 35% reported experienced itching.
On this news, the price of Agile common stock plummeted 74% from its close in after-hours trading on January 3, 2016.
If you acquired Agile securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
According to the complaint, throughout the Class Period, defendants issued materially false and misleading statements to investors and failed to disclose that: (1) the Twirla contraceptive patch had an efficacy rating that fell below peer group standards; (2) over half of patients in its "Secure" Phase 3 Study discontinued the study early; (3) the Twirla patch therefore allegedly had a slight chance of FDA approval; and (4) as a result, defendants' positive statements about its business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
On January 3, 2017, Agile revealed information related to the Phase 3 study of its Twirla product, a combined hormonal contraceptive patch. The study failed to meet standards achieved by other existing marketed contraceptive patches. Moreover, rather than the patch being designed to "optimize . . . patient comfort," Agile disclosed that a full 51.4% of trial participants discontinued use during the trial, with 4.3% complaining of headaches, 4.1% complaining of nausea, 2% complaining of breast tenderness/discomfort, 2.7% complaining of mood swings/changes/depression, and 1.8% complaining of heavy/irregular vaginal bleeding, and another 1.7% reporting "serious adverse events" including "deep vein thrombosis, pulmonary embolism, gallbladder disease, ectopic pregnancy, and depression." Of reported patches worn, 17% of participants reported experiencing patch site irritation and 35% reported experienced itching.
On this news, the price of Agile common stock plummeted 74% from its close in after-hours trading on January 3, 2016.
If you acquired Agile securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.