Cases
Insmed Incorporated (NASDAQ: INSM)
Securities Class Action
Overview
Overview
- Date:
- 7/18/2016
- Company Name:
- Insmed Incorporated
- Stock Symbol:
- INSM
- Class Period:
- FROM 3/18/2013 TO 6/8/2016
- Status:
- Closed/Complete
- Court:
- U.S. Bankruptcy Court: District of New Jersey
NEW YORK, July 18, 2016 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the District of New Jersey on behalf of all persons or entities who acquired Insmed Incorporated (NASDAQ: INSM) securities between March 18, 2013 and June 8, 2016 (the “Class Period”).
Insmed, a biopharmaceutical company, focuses on the development and commercialization of inhaled therapies for patients with serious lung diseases. The company’s lead product candidate is Arikayce, or liposomal amikacin, for inhalation, a formulation of amikacin. Arikayce is in late-stage clinical development for treatment of nontuberculous mycobacteria (“NTM”) lung disease.
The lawsuit alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the data on which Insmed’s European marketing authorization application (“MAA”) for Arikayce relied was not likely to support approval by the European Medicines Agency (“EMA”) for the treatment of NTM lung disease; (ii) Arikayce’s approval by the EMA for the treatment of NTM lung disease and subsequent commercialization in Europe were thus less likely and/or imminent than Insmed had led investors to believe; and (iii) as a result of the foregoing, Insmed’s public statements were materially false and misleading at all relevant times.
On June 8, 2016, after the market closed, Insmed announced that it had withdrawn its MAA from the EMA for Arikayce for the treatment of NTM lung disease. The company stated that “During the May 2016 Committee for Medicinal Products for Human Use (CHMP) meeting, the CHMP indicated that the phase 2 study did not provide a sufficient amount of evidence to support an approval. Insmed intends to resubmit its MAA when clinical data from its ongoing global phase 3 study are available.”
On this news, Insmed’s share price fell $0.99, or 8.24%, to close at $11.02 on June 9, 2016.
If you acquired Insmed 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.
Insmed, a biopharmaceutical company, focuses on the development and commercialization of inhaled therapies for patients with serious lung diseases. The company’s lead product candidate is Arikayce, or liposomal amikacin, for inhalation, a formulation of amikacin. Arikayce is in late-stage clinical development for treatment of nontuberculous mycobacteria (“NTM”) lung disease.
The lawsuit alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the data on which Insmed’s European marketing authorization application (“MAA”) for Arikayce relied was not likely to support approval by the European Medicines Agency (“EMA”) for the treatment of NTM lung disease; (ii) Arikayce’s approval by the EMA for the treatment of NTM lung disease and subsequent commercialization in Europe were thus less likely and/or imminent than Insmed had led investors to believe; and (iii) as a result of the foregoing, Insmed’s public statements were materially false and misleading at all relevant times.
On June 8, 2016, after the market closed, Insmed announced that it had withdrawn its MAA from the EMA for Arikayce for the treatment of NTM lung disease. The company stated that “During the May 2016 Committee for Medicinal Products for Human Use (CHMP) meeting, the CHMP indicated that the phase 2 study did not provide a sufficient amount of evidence to support an approval. Insmed intends to resubmit its MAA when clinical data from its ongoing global phase 3 study are available.”
On this news, Insmed’s share price fell $0.99, or 8.24%, to close at $11.02 on June 9, 2016.
If you acquired Insmed 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.