SAN DIEGO & BASKING RIDGE, N.J., July 14, 2014 /PRNewswire/ -- Shareholder rights law firm Robbins Arroyo LLP announces that an investor of Regado Biosciences, Inc. (NASDAQ: RGDO) has filed a federal securities fraud class action complaint in the U.S. District Court for the District of New Jersey. The complaint alleges that the company and certain of its officers and directors violated the Securities Exchange Act of 1934 between August 22, 2013 and July 9, 2014 (the "Class Period"). Regado is a biopharmaceutical company that focuses on the discovery and development of antithrombotic drug systems for acute and sub-acute cardiovascular and other indications.
Regado Is Accused of Misrepresenting Revolixys(TM) Kit Clinical Trail
According to the complaint, shares of Regado fell multiple times, beginning with an initial decline of $3.95 per share, or over 58%, to close at $2.81 on July 3, 2014 following an announcement by the company that it was voluntarily suspending the Phase 3 trial of its Revolixys(TM) Kit, known as REG1, an anticoagulant intended for use in patients with a wide variety of acute coronary syndromes, following a review of the Data Safety Monitoring Board to determine the safety and treatment benefit-risk ratio of the 3,234 patients enrolled in the study. Shortly thereafter, on July 9, 2014, Regado shares fell an addition $0.19 per share, or 7%, to close at $2.51 on July 10, 2014 following a subsequent announcement by the company that the U.S. Federal Drug Administration placed a hold on all patient enrollment and dosing in the Phase 3 trial of REG1.
The complaint further alleges that Regado knew and failed to disclose that its REG1 Phase 3 trial patients were experiencing frequent and severe allergic reactions that would ultimately require the trial to be suspended.
Regado Investors Are Encouraged to Contact Shareholder Rights Law Firm Robbins Arroyo LLP
If you invested in Regado and would like to discuss your shareholder rights, please contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the information form on the firm's shareholder rights blog: https://www.robbinsarroyo.com/shareholders-rights-blog/regado-biosciences-inc/
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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SOURCE Robbins Arroyo LLP