Ryan & Maniskas, LLP Class Action Lawsuit Against Isis Pharmaceuticals, Inc.
WAYNE, Pa., Jan. 8, 2013 /PRNewswire/ -- Ryan & Maniskas, LLP (www.rmclasslaw.com/cases/isis) announces that a class action lawsuit has been filed in the United States District Court for United States District Court for the Southern District of California on behalf of all persons or entities that purchased the stock of Isis Pharmaceuticals, Inc. ("Isis Pharmaceuticals" or the "Company") (NASDAQ: ISIS) from March 29, 2012 through October 15, 2012, inclusive (the "Class Period").
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For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at rmaniskas@rmclasslaw.com or visit: www.rmclasslaw.com/cases/isis.
Isis Pharmaceuticals, based in Carlsbad, California, is the leading company in gene-blocking antisense drug discovery and development. The Company's flagship product, Kynamro (formerly mipomersen), is designed to treat patients with severe forms of high cholesterol. The Complaint alleges that throughout the Class Period, Isis Pharmaceuticals issued false and misleading statements regarding the safety and efficacy of the drug, as well as reportedly positive results from Kynamro's phase three clinical trial, leading investors to believe that Kynamro would receive approval from the U.S. Food and Drug Administration ("FDA").
On October 16, 2012, an FDA advisory committee posted information on the FDA's website noting that in recent patient studies, 3.1 percent of patients, or 23 people treated with Kynamro developed tumors and three of them died, while only 0.9 percent, or two patients getting a placebo developed tumors. The Endocrinologic and Metabolic Drugs Advisory Committee also noted liver and blood vessel cancers were seen in earlier tests of the drug conducted on mice.
As a result of this disclosure, the price per share of Isis Pharmaceuticals common stock declined $2.88, or nearly 22%, to close that day at $10.27, on heavy trading volume.
If you are a member of the class, you may, no later than February 26, 2013, request that the Court appoint you as lead plaintiff of the class. 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. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/isis or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at rmaniskas@rmclasslaw.com. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
CONTACT:
Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old Eagle School Rd., Suite 311
Wayne, PA 19087
877-316-3218
www.rmclasslaw.com/cases/isis
rmaniskas@rmclasslaw.com
SOURCE Ryan & Maniskas, LLP