Category: Blog

NEW YORK, NY / ACCESSWIRE / December 2, 2017 / Pomerantz LLP announces that a class action lawsuit has been filed against Novan, Inc. (“Novan” or the “Company”) (NASDAQ: NOVN) and certain of its officers. The class action, filed in United States District Court, for the Middle District of North Carolina, and docketed under 17-cv-01066, is on behalf of a class consisting of investors who purchased or otherwise acquired Novan’s stock: (1) pursuant and/or traceable to Novan’s false and misleading Registration Statement and Prospectus, issued in connection with the Company’s initial public offering on or about September 26, 2016 (the “IPO” or the “Offering”); and/or (2) on the open market between September 26, 2016 and August 1, 2017, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased Novan securities between September 26, 2016, and August 1, 2017, both dates inclusive, you have until January 2, 2018, 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 [email protected] 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 amount of shares purchased.

[Click here to join this class action]

Novan is a clinical-stage drug development company that focuses on the development and commercialization of nitric oxide-based therapies in dermatology.

Leading up to and during the Class Period, Defendants represented that Novan had commenced two identically designed Phase 3 clinical trials of SB204, a once-daily, topical gel for the treatment of acne vulgaris. SB204 was the Company’s lead product candidate, and information regarding its development and commercialization was important to investors.

The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business and outlook, specifically regarding SB204. Specifically, (i) Defendants repeatedly stated that Novan had commenced and performed two identically designed Phase 3 clinical trials of SB204; (ii) Defendants falsely stated that the two Phase 3 clinical trials were identical and omitted specific facts as to why the two critical trials were, in fact, not identical; and (iii) as a result for the foregoing, the Company’s outlook and expected financial performance were not accurately represented to the market at all relevant times.

During the Class Period, the price of Novan stock climbed significantly above the IPO price of $11.00 per share, reaching as high as $29.09 on December 7, 2016.

Before the market opened on January 27, 2017, Novan announced the top-line results of its two “identical” Phase 3 clinical trials of SB204. Although the drug reached all of its goals in one of the trials, dubbed NI-AC302, it failed to beat a placebo in the other separate Phase 3 study, called NI-AC301.

On news of these discordant results in what were described to be two identical studies, the price of Novan stock fell sharply. After closing at $18.70 on January 26, 2017, the stock opened at $4.50 per share on January 27, 2017, fell to a low of $3.52, and ultimately closed at $4.86, a decline of 74%, on abnormally high trading volume of more than eight million shares.

Subsequent disclosures regarding SB204 demonstrated that the two Phase 3 clinical trials of SB204 were not “identical.”

Following these disclosures, several executives left the Company. On March 22, 2017, Novan announced that its Chief Financial Officer (“CFO”), Defendant Richard Peterson, was leaving and would be replaced, “effective immediately,” by interim CFO William L. Hodges. On May 5, 2017, Novan disclosed that the Company’s Chief Medical Officer, M. Joyce Rico, had resigned. Then, on June 5, 2017, Novan announced that it was replacing its Chief Executive Officer (“CEO”) and co-founder, Defendant Nathan Stasko, with G. Kelly Martin, a member of the Company’s Board of Directors, who would become interim CEO. Novan also announced that it was laying off 20% of its workforce and that despite previously assuring investors that it was committed to SB204, Novan was executing a plan to turn its focus to earlier-stage compounds.

Following the Company’s June 5, 2017 disclosures, the price of Novan stock fell 5% to close at $4.64 that day. The stock extended its losses on June 6, 2017, falling 4% to close at $4.45.

Additional disclosures on August 2, 2017 informed the market that Novan would be retreating further from SB204, stating that Novan’s “[p]rimary clinical focus over the next 24 months” would be “antiviral clinical work in EGW and Molluscum” and that the “[a]cne indication and path forward [would] be largely driven by regulatory clarity.” On this news, the price of Novan stock declined from $5.48 on August 1, 2017, to $4.54 on August 2, 2017, a drop of more than 17%.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, 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.

SOURCE: Pomerantz LLP

WASHINGTON (AP) — The Latest on the GOP tax bill (all times local):

Noon

Protesters are making their voices heard in New York City as President Donald Trump visits for political fundraisers.

Outside his first event, several hundred protesters stood behind barricades along 42nd Street. His motorcade ducked into a side street so he saw some of the action but not most of it. Chants of “Donald Trump is going to jail” rang out.

Signs read: “Tax the rich, not working people” and “New York hates Trump.”

___

11:15 a.m.

President Donald Trump is taking a victory lap at a New York City fundraiser, praising the Senate’s passage of a sweeping tax overhaul.

The president is noting that Republicans had enough support to pass the bill without needing Vice President Mike Pence. He says the fact that no Democrats voted for the bill will “cost them very big” in the next election.

Trump is raising $6 million during a series of political fundraisers in New York on Saturday.

___

10:30 a.m.

President Donald Trump is expressing thanks to Senate and House Republicans for their hard-fought victories on taxes. The Senate passed its legislation early Saturday, and now that chamber and the House must try to reconcile differences in their two versions. It’s shaping up to be the largest tax overhaul in three decades, and Trump says he aims to sign it into law before Christmas.

The Senate bill gives most of its tax breaks to businesses and high-earners. Altogether, the vote was a big step toward giving Trump his first major legislative triumph after months of false starts and frustration.

The Senate majority leader, Mitch McConnell, is shrugging off polls that find scant public enthusiasm for the measure. He says in an interview it will prove its worth and get the country “growing again.”

___

1:51 a.m.

The Senate has passed a nearly $1.5 trillion Republican tax bill that’s historic in scope and an urgent political priority for President Donald Trump and the GOP.

The vote was 51-49, largely along party lines. Not a single Democrat voted in favor of the legislation, which was crafted behind closed doors by Senate Republican leaders. Tennessee Sen. Bob Corker, who calls the growing debt a national security threat, joined Democrats in opposing the bill.

The bill lays the bulk of its tax cuts on businesses and higher-earning individuals and gives more modest breaks to others.

It would bring the first major overhaul of the U.S. tax system in three decades. The measure must be reconciled with a version the House passed last month.

___

1:35 a.m.

The Senate has voted to eliminate a tax break for a politically-connected conservative college in Michigan.

Democratic Sen. Jeff Merkley of Oregon proposed the amendment to eliminate the tax break for Hillsdale College in southern Michigan. He noted that Hillsdale has connections to powerful Republicans, including Education Secretary Betsy DeVos.

Merkley says, “Isn’t that just the type of insider deal for the wealthy and well-connected that we should oppose?”

The Senate Republicans’ sweeping tax package would impose a new tax on investment income earned by some private universities and colleges.

Republican Sen. Pat Toomey of Pennsylvania added a provision exempting certain colleges that don’t receive federal funds. Democrats say Hillsdale was the only college that would benefit.

Merkley’s amendment was adopted by a 52-48 vote.

___

1:20 a.m.

The Senate has given a green light to opening Alaska’s Arctic National Wildlife Refuge to oil drilling.

In a vote early Saturday morning, Republicans rejected an effort led by Democratic Sen. Maria Cantwell of Washington state to block drilling.

The vote was 52-48. Republican Sen. Lisa Murkowski of Alaska has pushed for oil and gas drilling in the refuge.

Opening the remote refuge to oil and gas drilling is a longtime Republican priority that most Democrats fiercely oppose.

The 19.6-million acre refuge in northeastern Alaska is one of the most pristine areas in the United States and is home to polar bears, caribou, migratory birds and other wildlife.

__

12:20 a.m.

The Senate has adopted an amendment that would allow parents to use 529 college funds to pay private school tuition for students in kindergarten through high school.

Parents could also use the tax-exempt funds on home-schooling expenses.

Republican Sen. Ted Cruz of Texas offered the amendment to Senate Republicans’ sweeping tax package. The vote was a 50-50 tie with Vice President Mike Pence casting the tie-breaker.

All Senate Democrats opposed the measure. Sens. Susan Collins of Maine and Lisa Murkowski of Alaska were the only Republicans who voted against it.

__

8:20 p.m.

Democrats have taken to the Senate floor to attack a planned amendment to the tax bill that would give a break to a conservative college in Michigan.

Pennsylvania Republican Sen. Patrick Toomey acknowledged he’d sponsored the language and said Hillsdale College would benefit from it.

Toomey defended Hillsdale as “a wonderful institution” and said other schools might qualify for the tax break, too. His provision would shield schools that receive no federal aid from language in the bill that taxes the investment income of some colleges and universities.

Democrats say Toomey’s provision was written in a way that only Hillsdale would qualify for the reduction. They complain that some well-known conservatives have connections to the school, including Trump administration Education Secretary Betsy DeVos.

__

8 p.m.

As the Senate nears a momentous vote on the massive Republican tax bill, Democrats are mocking what they say is the late-provided, hefty text of the legislation in videos and tweets.

They’re displaying the nearly 500 printed pages with handwritten notes in the margins.

Sen. Elizabeth Warren of Massachusetts tweets, “No, I haven’t had time to read the 500-page #GOPTaxScam bill that we’re voting on tonight,” with a photo of her reading aloud from pages at her desk. “Couldn’t read it if I tried — and I did.”

Democratic Sen. Jon Tester of Montana says “one page literally has hand-scribbled policy changes on it that can’t be read. This is Washington, D.C. at its worst. Montanans deserve so much better.”

__

5:10 p.m.

Tennessee Sen. Bob Corker has become the only Republican senator to say he will vote against his party’s $1.4 trillion tax bill.

His decision won’t affect the measure’s fate. GOP leaders have already said they have enough votes to push the legislation through the Senate in a vote they hope will come later Friday.

Corker’s decision is not a surprise. He had expressed concerns that the measure would add more red ink to the government’s $20 trillion in accumulated debt. He said Friday he doesn’t want to burden future generations.

Corker has broken openly with President Donald Trump, questioning his stability and warning he might cause World War III.

Corker says he told Trump of his decision, and isn’t ruling out backing a compromise House-Senate tax bill.

__

4:45 p.m.

Maine Republican Sen. Susan Collins has become the latest GOP holdout to say she’ll vote for the tax bill her party is set to push through the Senate.

The moderate Collins says she believes the measure will provide “much-needed tax relief” to middle-class families and spur economic growth.

Her announcement lacked suspense because GOP leaders have already said they have enough votes for passage, which they hope will occur later Friday.

Earlier this year, Collins was among a group of Republican senators who bucked the party and helped derail their effort to repeal President Barack Obama’s health care law.

Collins says she decided to back the tax bill after leaders agreed to let taxpayers deduct up to $10,000 in local property taxes and make other changes.

___

4:15 p.m.

Senate Republicans are steaming toward passage of a $1.4 trillion tax bill, overcoming eleventh-hour hitches in their drive to deliver a major legislative accomplishment to President Donald Trump by Christmas.

Senate Majority Leader Mitch McConnell says Republicans “have the votes.”

One prior holdout, Jeff Flake of Arizona, announced he would support the bill. Another, Susan Collins of-Maine, said on Twitter she was “delighted” she’d won an agreement from leaders to add a $10,000 deduction for local property taxes and was considered all but certain to back the measure.

With the party controlling the Senate 52-48 and Democrats uniformly opposed, Republicans need 50 votes to win approval for the bill. Vice President Mike Pence would break a tie.

___

1:10 p.m.

Republican leaders have made changes to the tax bill to win enough votes to clear the Senate. A summary obtained by The Associated Press shows the changes include allowing local property tax deductions up to $10,000 and fatter breaks for many businesses.

The original Senate bill wouldn’t have allowed the property tax deductions. The change was a key demand of Maine Republican Sen. Susan Collins.

There would also be lower taxes on companies with owners that pay individual tax rates on profits, and a more gradual elimination of tax breaks for firms buying equipment.

To pay for these changes, the new plan doesn’t fully repeal the alternative minimum tax on high-income families. And it would increase a one-time tax on profits held overseas by U.S.-based corporations.

___

12:05 p.m.

Senate Majority Leader Mitch McConnell says “we have the votes” to pass the GOP tax bill.

McConnell talked to reporters after a closed-door meeting of Republican senators.

One prior hold out, Sen. Susan Collins, says she won an agreement to add a deduction for local property taxes. The Maine Republican had been withholding her support for the bill because she wanted homeowners to be able to deduct up to $10,000 in property taxes.

The original Senate bill had completely eliminated the tax deduction for state and local taxes.

Still, Collins was coy about whether she would ultimately vote for the bill.

Smiling, Collins said, “I’m pleased with the progress that’s being made but I’ll announce my position in a couple of hours.”

___

10:35 a.m.

The No. 2 Republican in the Senate says the GOP has the votes to pass a sweeping tax overhaul.

That’s the word on Friday from Texas Sen. John Cornyn, who told reporters, “We’re confident in the 50 and we’d like to build on that.”

Republicans hold a slim 52-48 majority, but with 50 votes — and Vice President Mike Pence breaking a tie — they can muscle their legislation through the Senate.

Cornyn made the comments after Wisconsin Sen. Ron Johnson said he had won concessions for businesses and would support the legislation.

The sweeping tax overhaul would slash the corporate tax rate and ease some taxes on individuals.

___

9:35 a.m.

A key Republican, Wisconsin Sen. Ron Johnson, says he’s backing the sweeping GOP tax bill. That’s according to an aide.

Johnson’s support for the legislation is a major boost for Majority Leader Mitch McConnell as he tries to muscle the measure through the Senate.

GOP leaders hope to vote on Friday and send the measure to a House-Senate conference to work out the differences. They want to deliver a bill to President Donald Trump by Christmas.

In a radio interview with WISN in Wisconsin, Johnson said he secured changes in the bill on the taxes paid by businesses and is now a yes on the legislation.

At issue were millions of businesses whose owners report the firm’s profits on their individual tax returns. The vast majority of U.S. businesses are taxed this way.

___

6:55 a.m.

President Donald Trump says the Republican tax bill “is getting better and better.”

In an early morning Friday tweet, Trump wrote: “This is a once in a generation chance. Obstructionist Dems trying to block because they think it is too good and will not be given the credit!”

Republicans are eyeing a crucial final vote Friday on the $1.4 trillion Senate bill. GOP leaders have been making major changes up to the last minute, including one that would roll back some of the tax cuts after six years to appease deficit hawks.

___

3:50 a.m.

Senate Republicans are stepping quickly to meet competing demands of holdout GOP senators for a tax overhaul package expected to add $1 trillion to the nation’s deficit over 10 years.

GOP leaders have been making major changes up to the last minute, including one that would roll back some of the tax cuts after six years to appease deficit hawks.

Republicans eyeing a crucial final vote Friday on the $1.4 trillion Senate bill.

The overall legislation would bring the first overhaul of the U.S. tax code in 31 years. It would slash the corporate tax rate, offer more modest cuts for families and individuals and eliminate several popular deductions.

NEW YORK, NY / ACCESSWIRE / December 2, 2017 / Pomerantz LLP announces that a class action lawsuit has been filed against Novan, Inc. (“Novan” or the “Company”) (NASDAQ: NOVN) and certain of its officers. The class action, filed in United States District Court, for the Middle District of North Carolina, and docketed under 17-cv-01066, is on behalf of a class consisting of investors who purchased or otherwise acquired Novan’s stock: (1) pursuant and/or traceable to Novan’s false and misleading Registration Statement and Prospectus, issued in connection with the Company’s initial public offering on or about September 26, 2016 (the “IPO” or the “Offering”); and/or (2) on the open market between September 26, 2016 and August 1, 2017, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased Novan securities between September 26, 2016, and August 1, 2017, both dates inclusive, you have until January 2, 2018, 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 [email protected] 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 amount of shares purchased.

[Click here to join this class action]

Novan is a clinical-stage drug development company that focuses on the development and commercialization of nitric oxide-based therapies in dermatology.

Leading up to and during the Class Period, Defendants represented that Novan had commenced two identically designed Phase 3 clinical trials of SB204, a once-daily, topical gel for the treatment of acne vulgaris. SB204 was the Company’s lead product candidate, and information regarding its development and commercialization was important to investors.

The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business and outlook, specifically regarding SB204. Specifically, (i) Defendants repeatedly stated that Novan had commenced and performed two identically designed Phase 3 clinical trials of SB204; (ii) Defendants falsely stated that the two Phase 3 clinical trials were identical and omitted specific facts as to why the two critical trials were, in fact, not identical; and (iii) as a result for the foregoing, the Company’s outlook and expected financial performance were not accurately represented to the market at all relevant times.

During the Class Period, the price of Novan stock climbed significantly above the IPO price of $11.00 per share, reaching as high as $29.09 on December 7, 2016.

Before the market opened on January 27, 2017, Novan announced the top-line results of its two “identical” Phase 3 clinical trials of SB204. Although the drug reached all of its goals in one of the trials, dubbed NI-AC302, it failed to beat a placebo in the other separate Phase 3 study, called NI-AC301.

On news of these discordant results in what were described to be two identical studies, the price of Novan stock fell sharply. After closing at $18.70 on January 26, 2017, the stock opened at $4.50 per share on January 27, 2017, fell to a low of $3.52, and ultimately closed at $4.86, a decline of 74%, on abnormally high trading volume of more than eight million shares.

Subsequent disclosures regarding SB204 demonstrated that the two Phase 3 clinical trials of SB204 were not “identical.”

Following these disclosures, several executives left the Company. On March 22, 2017, Novan announced that its Chief Financial Officer (“CFO”), Defendant Richard Peterson, was leaving and would be replaced, “effective immediately,” by interim CFO William L. Hodges. On May 5, 2017, Novan disclosed that the Company’s Chief Medical Officer, M. Joyce Rico, had resigned. Then, on June 5, 2017, Novan announced that it was replacing its Chief Executive Officer (“CEO”) and co-founder, Defendant Nathan Stasko, with G. Kelly Martin, a member of the Company’s Board of Directors, who would become interim CEO. Novan also announced that it was laying off 20% of its workforce and that despite previously assuring investors that it was committed to SB204, Novan was executing a plan to turn its focus to earlier-stage compounds.

Following the Company’s June 5, 2017 disclosures, the price of Novan stock fell 5% to close at $4.64 that day. The stock extended its losses on June 6, 2017, falling 4% to close at $4.45.

Additional disclosures on August 2, 2017 informed the market that Novan would be retreating further from SB204, stating that Novan’s “[p]rimary clinical focus over the next 24 months” would be “antiviral clinical work in EGW and Molluscum” and that the “[a]cne indication and path forward [would] be largely driven by regulatory clarity.” On this news, the price of Novan stock declined from $5.48 on August 1, 2017, to $4.54 on August 2, 2017, a drop of more than 17%.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, 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.

SOURCE: Pomerantz LLP

NEW YORK, NY / ACCESSWIRE / December 1, 2017 / Pomerantz LLP announces that a class action lawsuit has been filed against Alkermes plc (“Alkermes” or the “Company”) (NASDAQ: ALKS) and certain of its officers. The class action, filed in United States District Court, for the Southern District of New York, and docketed under 17-cv-09178, is on behalf of a class consisting of investors who purchased or otherwise acquired Alkermes securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.

If you are a shareholder who purchased Alkermes securities between February 24, 2015, and November 3, 2017, both dates inclusive, you have until January 22, 2018, 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 [email protected] 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 amount of shares purchased.

[Click here to join this class action]

Alkermes plc is a biopharmaceutical company focused on the development of treatments for central nervous system disorders such as addiction, schizophrenia, depression and diabetes. The Company’s marketed products include Vivitrol (naltrexone for extended-release injectable suspension), a treatment for alcohol and opioid dependence.

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) Alkermes systemically engaged in deceptive marketing campaigns to influence policymakers to use Vivitrol in addiction treatment programs over more scientifically proven and efficacious alternatives; (ii) the foregoing conduct, when disclosed, would foreseeably subject Alkermes to heightened regulatory and legislative scrutiny; (iii) accordingly, the Company’s revenues derived from Vivitrol during the Class Period were unsustainable; and (iv) as a result of the foregoing, Alkermes shares traded at artificially inflated prices during the Class Period, and class members suffered significant losses and damages.

On June 11, 2017, The New York Times published an article entitled, “Seizing On Opioid Crisis, a Drug Maker Lobbies Hard for its Product.” The article described Alkermes’ aggressive efforts to market Vivitrol while denigrating the efficacy of other addiction treatments.

On this news, Alkermes’ share price fell $2.19, or 3.55%, to close at $59.47 on June 12, 2017

On November 6, 2017, U.S. Senator Kamala Harris announced the opening of an investigation into Alkermes’ sales practices for Vivitrol. Senator Harris specifically stated that the Company “aggressively marketed” its medication, convincing judges and prison officials to use it rather than more proven addiction- treatment products, and spent hundreds of thousands of dollars lobbying policymakers. According to Harris, Alkermes promoted Vivitrol by using a “speaker’s bureau composed of doctors paid to promote the drug.”

On this news, Alkermes’ share price fell $2.23, or 4.37%, to close at $48.76 on November 6, 2017.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, 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.

SOURCE: Pomerantz LLP

NEW YORK, NY / ACCESSWIRE / December 1, 2017 / Pomerantz LLP announces that a class action lawsuit has been filed against Alkermes plc (“Alkermes” or the “Company”) (NASDAQ: ALKS) and certain of its officers. The class action, filed in United States District Court, for the Southern District of New York, and docketed under 17-cv-09178, is on behalf of a class consisting of investors who purchased or otherwise acquired Alkermes securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.

If you are a shareholder who purchased Alkermes securities between February 24, 2015, and November 3, 2017, both dates inclusive, you have until January 22, 2018, 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 [email protected] 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 amount of shares purchased.

[Click here to join this class action]

Alkermes plc is a biopharmaceutical company focused on the development of treatments for central nervous system disorders such as addiction, schizophrenia, depression and diabetes. The Company’s marketed products include Vivitrol (naltrexone for extended-release injectable suspension), a treatment for alcohol and opioid dependence.

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) Alkermes systemically engaged in deceptive marketing campaigns to influence policymakers to use Vivitrol in addiction treatment programs over more scientifically proven and efficacious alternatives; (ii) the foregoing conduct, when disclosed, would foreseeably subject Alkermes to heightened regulatory and legislative scrutiny; (iii) accordingly, the Company’s revenues derived from Vivitrol during the Class Period were unsustainable; and (iv) as a result of the foregoing, Alkermes shares traded at artificially inflated prices during the Class Period, and class members suffered significant losses and damages.

On June 11, 2017, The New York Times published an article entitled, “Seizing On Opioid Crisis, a Drug Maker Lobbies Hard for its Product.” The article described Alkermes’ aggressive efforts to market Vivitrol while denigrating the efficacy of other addiction treatments.

On this news, Alkermes’ share price fell $2.19, or 3.55%, to close at $59.47 on June 12, 2017

On November 6, 2017, U.S. Senator Kamala Harris announced the opening of an investigation into Alkermes’ sales practices for Vivitrol. Senator Harris specifically stated that the Company “aggressively marketed” its medication, convincing judges and prison officials to use it rather than more proven addiction- treatment products, and spent hundreds of thousands of dollars lobbying policymakers. According to Harris, Alkermes promoted Vivitrol by using a “speaker’s bureau composed of doctors paid to promote the drug.”

On this news, Alkermes’ share price fell $2.23, or 4.37%, to close at $48.76 on November 6, 2017.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, 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.

SOURCE: Pomerantz LLP

NEW YORK, NY / ACCESSWIRE / December 2, 2017 / Pomerantz LLP announces that a class action lawsuit has been filed against Triangle Capital Corporation (“Triangle Capital” or the “Company”) (NYSE: TCAP) and certain of its officers. The class action, filed in United States District Court, for the Southern District of New York, and docketed under 17-cv-09311, is on behalf of a class consisting of investors who purchased or otherwise acquired Triangle Capital’s securities between May 7, 2014 and November 1, 2017, 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 Triangle Capital securities between May 7, 2014, and November 1, 2017, both dates inclusive, you have until January 22, 2018, 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 [email protected] 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 quantity of shares purchased.

[Click here to join this class action]

Triangle Capital Corporation operates as a private equity firm. The Company invests in manufacturing, distribution, transportation, energy, communications, health services, restaurants, and other business sectors.

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) as early as 2013, Triangle’s investment professionals had internally recommended moving away from mezzanine loan deals due to changes in the market that no longer made these investments attractive risk-reward opportunities; (ii) the Company’s former Chief Executive Officer, Garland S. Tucker, III, had ignored the advice of Triangle’s investment professionals to chase higher short-term yields by causing Triangle to invest in mezzanine debt despite the poor quality of the loans and their increased risk of defaults and nonaccruals; (iii) the Company’s entire vintage of 2014 and 2015 investments were at substantial risk of non-accrual as a result of the poor quality of the investments and deficient underwriting practices in place at the time of the investments; (iv) more than 13% of Triangle’s investment portfolio at cost was at risk of non-accrual and, thus, the fair value of the Company’s asset portfolio was artificially inflated; (v) Triangle had materially understated the number of loans performing below expectations and/or in non-accrual and had delayed writing down impaired investments; (vi) Triangle failed to implement effective underwriting policies and practices to ensure it received appropriate risk-adjusted returns on its investments; and (vii) as a result of the foregoing, Triangle Capital’s shares traded at artificially inflated prices during the Class Period, and class members suffered significant losses and damages.

On November 1, 2017, Triangle issued a press release announcing its financial results for the quarter ended September 30, 2017. The release revealed that the fair value of the Company’s investment portfolio had declined to $1.09 billion, a decline of nearly 7% from the prior quarter. In addition, the Company revealed that it had suffered $8.9 million in net realized losses and $65.8 million in net unrealized depreciation to its portfolio during the quarter. The Company also disclosed that it had only earned $0.36 per share in net investment income and that it was slashing its quarterly dividend to $0.30 per share, a decline of 33% from the prior quarter. Most shocking, Triangle revealed that it had placed seven new investments on non-accrual status during the quarter, effectively acknowledging that those assets were unlikely to generate future returns and that the amount of investments on non-accrual had ballooned to 13.4% and 4.7% of the Company’s total portfolio at cost and at fair value, respectively.

On these disclosures, Triangle Capital’s share price fell $2.57, or 20.98%, to close at $9.68 on November 2, 2017.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, 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.

SOURCE: Pomerantz LLP

NEW YORK, NY / ACCESSWIRE / December 2, 2017 / Pomerantz LLP announces that a class action lawsuit has been filed against RYB Education, Inc. (“RYB” or the “Company”) (NYSE: RYB) and certain of its officers. The class action, filed in United States District Court, for the Southern District of New York, and docketed under 17-cv-09261, is on behalf of a class consisting of all persons other than defendants who purchased or otherwise acquired RYB’s American Depositary Receipts (“ADRs”): (1) pursuant and/or traceable to RYB’s false and misleading Registration Statement and Prospectus, issued in connection with the Company’s initial public offering on or about September 27, 2017 (the “IPO” or the “Offering”); and/or (2) on the open market between September 27, 2017 and November 22, 2017, both dates inclusive (the “Class Period”), seeking to recover damages caused by defendants’ violations of the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased RYB securities between September 27, 2017, and November 22, 2017, both dates inclusive, you have until January 26, 2018, 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 [email protected] 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 amount of shares purchased.

[Click here to join this class action]

RYB Education, Inc. offers educational services. The Company operates kindergarten and pre-schools. RYB Education provides training in a variety of subjects and languages, teacher recruitment, guidance, innovative learning, development of children, rating systems, parents consulting, and other services.

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) RYB failed to establish safety policies to prevent sexual abuse from occurring at its schools; (ii) RYB’s failure to remedy problems within its system exposed children to harm and unreasonable risk of harm while in the Company’s care; and (iii) as a result of the foregoing, RYB securities traded at artificially inflated prices during the Class Period, and class members suffered significant losses and damages.

On November 24, 2017, various news outlets reported that police have opened an investigation into RYB after numerous parents accused a RYB nursery of drugging and molesting their children. Beijing’s education authority confirmed the police investigation in a statement. According to China’s leading newspaper Xinhua News Agency, RYB has suspended multiple teachers at RYB Education New World after kindergarten students were “reportedly sexually molested, pierced by needles, given unidentified pills,” and forced to undress and locked in a dark room. Parents reported that at least eight children have been abused at the school and that the children had given similar accounts with respect to their abuse.

On this news, RYB’s ADR price fell $10.28 per share, or over 38% from its previous closing price, to close at $16.45 per share on November 24, 2017.

On the following day, several news outlets reported that Chinese police had detained teachers in connection with its RYB’s child abuse inquiry. According to police reports, one of the teachers was arrested after needle wounds were found on at least eight children aged 2 to 6 years at the kindergarten. In a statement issued later that day, RYB announced it had fired the detained teachers, as well as the head of one of its kindergartens.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, 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

SOURCE: Pomerantz LLP