Aratana investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Aratana is a development-stage biopharmaceutical company that develops biomedical therapeutics for animals. The company offers various products to treat pain and inflammation associated with serious medical conditions in pets. One of the company’s key products is ENTYCE, also known as AT-002 (capromorelin oral solution), an appetite stimulant for dogs. Throughout the Class Period, Aratan represented that it intends to commercially launch ENTYCE in the United States in the first quarter of 2017.
The complaint alleges that, on February 6, 2017, Aratana filed a report on Form 8-K providing certain business updates. The report stated, in relevant part, “[Aratana] now anticipates that ENTYCE® (capromorelin oral solution) will be commercially available by late-2017. On February 2, 2017, [Aratana] received a response from the U.S. Food and Drug Administration’s Center for Veterinary Medicine (“CVM”) in connection with the Company’s post-approval supplement request to transfer the manufacturing of ENTYCE® to a new vendor in order to produce ENTYCE® at commercial scale. The CVM has requested additional information regarding the proposed transfer in order to complete the supplemental application.”
Following this news, Aratana’s share price fell $1.44, or 17.93%, to close at $6.59 on February 6, 2017.
The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (i) Aratana did not have manufacturing contracts in place sufficient to support manufacturing of ENTYCE at a commercial scale; (ii) consequently, ENTYCE was not likely to be commercially available until late 2017; (iii) accordingly, Aratana had misled investors with respect to the likely timeline for a commercial launch of ENTYCE; and (iv) as a result of the foregoing, Aratana’s public statements were materially false and misleading at all relevant times.
If you are a member of the class described above, you may no later than April 7, 2017 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
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