NEW YORK, March 08, 2017 (GLOBE NEWSWIRE) -- Shepherd, Finkelman, Miller & Shah, LLP (“SFMS”) announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York (Civil Action No. 17-01233) against Alcobra, Ltd. (“Alcobra”)(Nasdaq: ADHD ) and certain of its officers and directors. The case seeks remedies under the Securities Exchange Act of 1934 and is brought on behalf of a class consisting of all persons or entities who acquired Alcobra securities between August 13, 2015 and January 17, 2017 , inclusive (the “Class Period”).
Alcobra is a biopharmaceutical company that focuses on the development and commercialization of oral drug candidates. Alcobra’s primary drug candidate in development, metadoxine extended release (“MDX”), is in its second Phase III clinical trial for adults with ADHD.
The Complaint alleges that, throughout the Class Period, Alcobra made false and/or misleading statements and/or failed to disclose that: (1) the results of Alcobra’s first Phase III study in October 2014 revealed no statistically significant benefit derived from MDX; (2) given that the composition of MDX was unaltered from the first Phase III study, there was no basis to expect results of the second trial to be any different; (3) removing extreme placebo response patients from the analysis of the second Phase III trial did not boost the MDX trial results as Alcobra anticipated; and (4) Alcobra attributed all improvements in subjects taking MDX in the second Phase III trial to the effects of the drug, while disregarding any spontaneous improvements by placebo patients.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. If you purchased or otherwise acquired Alcobra securities during the Class Period, we encourage you to contact us with any questions prior to the April 18, 2017 lead plaintiff motion deadline.
SFMS is recognized as an accomplished firm in the areas of securities, corporate governance, antitrust and employee benefits litigation with offices in California, Connecticut, Florida, New Jersey, New York and Pennsylvania. For more information visit us at http://www.sfmslaw.com .
Contact: Bruce Parke, bparke@sfmslaw.com Shepherd Finkelman Miller & Shah, LLP Telephone: (866) 540-5504
