STEVENSON, Md., Oct. 10, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Connecticut on behalf of purchasers of Achillion Pharmaceuticals, Inc. ("Achillion" or the "Company") (Nasdaq: ACHN ) securities during the period between April 21, 2012 and September 27, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Achillion Pharmaceuticals, Inc. securities purchased on or after April 21, 2012, and held through any of the revelations of negative information on July 1, 2013 and/or September 27, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com , by email at hoffman@browerpiven.com , by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than December 9, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company's premier investigative drug for the treatment of hepatitis, sovaprevir, did not interact well with other drugs commonly administered to treat hepatitis and/or HIV. According to the complaint, following the Company's July 1, 2013 disclosure that the U.S. Food and Drug Administration ("FDA") had instituted a clinical hold on sovaprevir after elevations in liver enzymes associated with significantly higher than anticipated exposures to sovaprevir were noted in a Phase 1 healthy subject drug-drug interaction study that evaluated the effects of concomitant administration of sovaprevir with ritonavir-boosted atazanavir, and the Company's September 27, 2013 disclosure that the FDA had concluded that the removal of the clinical hold was not warranted, the value of Achillion shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616
