|Company name||Lexicon Pharmaceuticals, Inc.|
|Class period||March 11, 2016 – January 17, 2019|
|Lead plaintiff deadline||April 1, 2019|
|Court||Southern District of Texas|
NEW YORK, January 30, 2019 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of Texas on behalf of all persons or entities who purchased or otherwise acquired Lexicon Pharmaceuticals, Inc. (NASDAQ: LXRX) securities between March 11, 2016 and January 17, 2019 (the “Class Period”). Investors have until April 1, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The complaint alleges that throughout the class period defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the data from Lexicon’s Phase 3 clinical trials assessing the safety and efficacy of Sotagliflozin in treating type 1 diabetes were not as positive as Lexicon represented; (ii) the health risks posed by Sotagliflozin were severe enough to threaten its FDA approval prospects; and (iii) as a result, Lexicon’s public statements were materially false and misleading at all relevant times. On January 17, 2019, Lexicon announced that the Endocrinologic and Metabolic Drugs Advisory Committee of the FDA (the “Advisory Committee”) had “voted eight to eight on the question of whether the overall benefits of [Lexicon’s product] Zynquista (sotagliflozin) outweighed the risks to support approval.” On news of the Advisory Committees stalemate, Lexicons stock price fell $1.74 per share, or 22.6%, to close at $5.96 per share on January 18, 2019.
If you purchased Lexicon securities during the Class Period or continue to hold shares purchased before the Class Period, have information, 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 Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.