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May 6, 2021 - The court preliminarily approved the settlement.
April 27, 2021 - A stipulation of settlement was filed by the parties.
September 27, 2018 - The Court of Appeals issued an order reversing the court's dismissal.
June 19, 2017 - A notice of appeal was filed.
December 27, 2016 - The court granted defendants' motion to dismiss.
July 5, 2017 - A motion to dismiss the amended complaint was filed.
May 20, 2016 - An amended complaint was filed.
January 12, 2016 - An investor in shares of Esperion Therapeutics Inc (NASDAQ: ESPR) filed a lawsuit in the U.S. District Court for the Eastern District of Michigan over alleged violations of Federal Securities Laws by Esperion Therapeutics Inc in connection with certain allegedly false and misleading statements made between August 18, 2015 and September 28, 2015.
Ann Arbor, MI based Esperion Therapeutics Inc is a pharmaceutical company that focuses on developing and commercializing oral low-density lipoprotein cholesterol ( LDL-cholesterol ) lowering therapies for patients with hypercholesterolemia. Esperion Therapeutics Inc’s lead product candidate is ETC-1002, a once-daily small molecule designed to lower LDL-cholesterol levels.
According to the complaint the plaintiff alleges on behalf of purchasers of Esperion Therapeutics Inc (NASDAQ: ESPR) common shares between August 18, 2015 and September 28, 2015, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that between August 18, 2015 and September 28, 2015 defendants issued false and misleading statements and/or failed to disclose adverse information regarding Esperion Therapeutics Inc's business and prospects, including that there was no clear path to approval for ETC-1002, and that the FDA had encouraged the Company to initiate a cardiovascular outcomes trial ( CVOT ) and that completion of a CVOT could be necessary prior to approval of ETC-1002. As a result of these false statements and/or omissions, Esperion Therapeutics Inc common stock traded at artificially inflated prices during August 18, 2015 and September 28, 2015, reaching as high as $82 per share in intra-day trading.
On August 17, 2015, Esperion Therapeutics Inc reported material events from an early August 2015 meeting with the U.S. Food and Drug Administration (“FDA”) regarding the next phase of the approval process for ETC-1002. Esperion Therapeutics Inc stated that during the meeting it was informed by the FDA that Esperion Therapeutics Inc would not have to complete a CVOT to gain approval of ETC-1002. Esperion Therapeutics Inc also informed investors that it had a “‘clear regulatory path forward for development and approval of ETC-1002.’
On September 28, 2015, Esperion Therapeutics Inc provided an update on the design and timing of its planned pivotal Phase 3 clinical development program following receipt of the official End-of-Phase 2 Meeting Minutes from the FDA.
Shares of Esperion Therapeutics Inc (NASDAQ: ESPR) declined to as low as $18.07 per share on September 29, 2015, respectively $15.50 per share on January 12, 2016.