| COMPANY |
Acer Therapeutics Inc. |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
19-cv-06137 |
| JUDGE |
The Hon. Gregory Howard Woods III |
| CLASS PERIOD |
December 12, 2017 - June 24, 2019. |
| SECURITY TYPE |
Common Stock |
Case Background:
On July 1, 2019, the initial complaint in this securities class action was filed against Acer Therapeutics Inc. (“Acer” or the “Company”), and certain of Acer’s directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action brought on behalf of all persons and entities who purchased or otherwise acquired Acer securities from December 12, 2017 through June 24, 2019, (the “Class Period”) both dates inclusive.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies. Specifically, the complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (1) Acer lacked sufficient data to support filing EDSIVO’s NDA with the FDA for the treatment of vEDS; (2) the Ong Trial was an inadequate and ill-controlled clinical study by FDA standards, and was comprised of an insufficiently small group size to support EDSIVO’s NDA; (3) consequently, the FDA would likely reject EDSIVO’s NDA; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Current Status of Case:
On February 28, 2020, Lead Plaintiff filed a second amended complaint (the “Complaint”). Defendants filed a Motion to Dismiss the Complaint on May 1, 2020. On June 16, 2020, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Lead Plaintiff informed the Court of their intention to move to amend the Complaint. On February 4, 2021, Lead Plaintiff filed a third amended complaint (the “Amended Complaint”). On July 21, Lead Plaintiff filed a Motion for Approval of Settlement in the amount of $8,350,000.00. Preliminary Approval of Settlement was granted on August 11, 2021. On December 10, 2021, Plaintiffs filed a Motion for Final Approval of Settlement. On January 7, 2022, the Court issued an Order of Final Approval of Settlement and entered Final Judgment. This action has concluded.
The deadline to file a claim was December 8, 2021. You may find additional information regarding the terms of the settlement and claim filing process at www.strategicclaims.net/acer or by calling Strategic Claims Services, at 866–274-4004.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.