NEW YORK, Feb. 23, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed against Inotek Pharmaceuticals Corporation ("Inotek" or the Company") (NASDAQ: ITEK ) in the United States District Court for the District of Massachusetts on behalf of a class consisting of all persons or entities who purchased Inotek securities between July 23, 2015 and December 30, 2016, inclusive (the "Class Period").
Investors who have incurred losses in shares of Inotek Pharmaceuticals Corporation are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have purchased shares of Inotek Pharmaceuticals Corporation within the class period and would like to assist with the litigation process, you may, no later than March 7, 2017 , request that the Court appoint you lead plaintiff of the proposed class.
The filed Complaint alleges that on July 23, 2015, Inotek announced its positive End of Phase 2 meeting with the U.S. Food and Drug Administration (“FDA”) and said that Inotek is in the "final preparation stages to commence its first Phase 3 trial in 4Q and look forward to data in 2016." Inotek also announced a confident forecast of the Phase 3 trabodenoson trial, which caused its stock price to surge to $15.37 per share on July 23, 2015.
Despite these positive announcements, it is alleged that Inotek officials were aware that part of the clinical trial of trabodenoson would not achieve its intended goal of reducing intraocular pressure compared to the placebo.
On January 3, 2017, Inotek exposed this information and stated that the first pivotal Phase 3 trial of trabodenoson to treat open-angle glaucoma or ocular hypertension failed, compared to the placebo, in its endpoint of superiority in the reduction of intraocular pressure.
Following this news, Inotek's stock closed at $1.75/share, down $4.35/share, a drop of 71%.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com , or visit our website at www.whafh.com.
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Contact: Wolf Haldenstein Adler Freeman & Herz LLP Patrick Donovan, Esq. Gregory Stone, Director of Case and Financial Analysis Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com Tel: (800) 575-0735 or (212) 545-4774
