NEW YORK, Sept. 02, 2016 (GLOBE NEWSWIRE) — Attorney Advertising– Bronstein, Gewirtz & Grossman, LLC reminds investors that a securities class action has been filed in the United States District Court District of New Jersey on behalf of those who purchased shares of Insmed Incorporated (“Insmed” or the “Company”) (NASDAQ:INSM) and certain of its officers, during the period between March 18, 2013 and June 8, 2016, inclusive (the “Class Period”).
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
The complaint alleges that Defendants violated Sections 10(b), 14(e) and 20(a) of the Securities Exchange Act of 1934.
Insmed, a biopharmaceutical company, focuses on the development and commercialization of inhaled therapies for patients with serious lung diseases. ARIKAYCE™ (Liposomal Amikacin for Inhalation, or LAI), Insmed’s lead product candidate, is an investigational drug comprising the antibiotic amikacin in the Company’s proprietary liposomal technology formulation. ARIKAYCE is in late-stage clinical development for treatment of serious lung infections such as those caused by nontuberculous mycobacteria (NTM), through delivery of antibiotic directly to the site of the lung infection.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Particularly, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the data supporting Insmed’s European marketing authorization application (“MAA”) for Arikayce was not likely to be approved by the European Medicines Agency (“EMA”) for the treatment of NTM lung disease; (2) Arikayce’s endorsement by the EMA for the treatment of NTM lung disease and subsequent commercialization in Europe were therefore not as likely than Insmed had led its investors to believe; and (3) consequentially, Insmed’s public statements were materially false and misleading at all relevant times.
On June 8, 2016, post-market, Insmed revealed that it had removed Arikayce’s treatment of NTM lung disease MAA from the EMA. Insmed said “During the May 2016 Committee for Medicinal Products for Human Use (CHMP) meeting, the CHMP indicated that the phase 2 study did not provide a sufficient amount of evidence to support an approval. Insmed intends to resubmit its MAA when clinical data from its ongoing global phase 3 study are available.” Following this news, Insmed stock dropped $0.99 per share, or 8.24% to close at $11.02 on June 9, 2016.
No Class has yet been certified in the above action. To discuss this action, or for any questions, please visit the firm’s site: http://www.bgandg.com/#!insm/iz8zm or contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Insmed, you have until September 13, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Contact: Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | [email protected]