LOS ANGELES--(BUSINESS WIRE)--
Lundin Law PC, a shareholder rights firm announces a class action lawsuit against Inotek Pharmaceuticals Corporation ("Inotek" or the "Company") (Nasdaq: ITEK). Investors, who purchased or otherwise acquired shares between July 23, 2015 and December 30, 2016 inclusive (the "Class Period"), are encouraged to contact the Firm in advance of the March 7, 2017 lead plaintiff motion deadline.
To participate in this class action lawsuit, call Brian Lundin, Esquire, of Lundin Law PC, at 888-713-1033, or e-mail him at [email protected].
No class has been certified in the above action yet. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.
According to the Complaint, on July 23, 2015, Inotek released a successful End of Phase 2, mentioning that the Company is in the "final preparation stages to commence its first Phase 3 trial in 4Q and look forward to data in 2016." Inotek anticipated a positive outcome for the Phase 3 trabodenoson trial, causing the company's share price to increase greatly to $15.37 per share on July 23, 2015. Inotek's Form 10-K filing also insinuated to investors that trabodenoson would be successful, as it maintains a strong safety record compared to similar glaucoma treatments on the market.
However, the Complaint alleges that Inotek officials were informed a section of the clinical trial of trabodenoson would fail to meet its intended goal of reducing intraocular pressure compared with the placebo.
Inotek revealed on January 3, 2017 that the first pivotal Phase 3 trial of trabodenoson to treat open-angle glaucoma or ocular hypertension was unsuccessful, in comparison to the placebo, in its goal of superiority in the reduction of intraocular pressure.
When this information was revealed to the public, the value of Inotek stock dropped, causing investors harm.
Lundin Law PC was established by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders' rights.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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