NEW YORK, July 01, 2019 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Heron Therapeutics, Inc. (“Heron” or the “Company”) (NASDAQ: HRTX) and certain of its officers. The class action, filed in United States District Court for the Southern District of California and indexed under 19-cv-01038, is on behalf of a class consisting of all persons and entities who purchased or otherwise acquired Heron securities between October 31, 2018 and April 30, 2019, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased Heron securities during the class period, you have until August 5, 2019 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Heron is a biotechnology company that engages in developing treatments to address unmet medical needs. Heron is developing HTX-011, an investigational, long-acting, and extended-release formulation of the local anesthetic bupivacaine in a fixed-dose combination with the anti-inflammatory meloxicam for post-operative pain management.
On October 31, 2018, Heron announced the submission of its New Drug Application (“NDA”) for HTX-011 to the U.S. Food and Drug Administration (“FDA”) for postoperative pain management.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Heron had failed to include adequate Chemistry, Manufacturing, and Controls (“CMC”) and non-clinical information in its NDA for HTX-011; (ii) the foregoing increased the likelihood that the FDA would not approve Heron’s NDA for HTX-011; and (iii) as a result, Heron’s public statements were materially false and misleading at all relevant times.
On May 1, 2019, Heron announced receipt of a Complete Response Letter (“CRL”) from the FDA on April 30, 2019 regarding Heron’s NDA for HTX-011 for the management of postoperative pain (the “May 2019 Press Release”). In the May 2019 Press Release, Heron advised investors that “[t]he CRL stated that the FDA is unable to approve the NDA in its present form based on the need for additional CMC and non-clinical information.”
On this news, Heron’s stock price fell $3.93 per share, or 18.13%, to close at $17.75 per share on May 1, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby