Robbins Arroyo LLP: Lipocine Inc. (LPCN) Misled Shareholders According to a Recently Filed Class Action
Robbins Arroyo LLP announces that a class action complaint was filed against Lipocine Inc. (NasdaqCM: LPCN) in the U.S. District Court for the District of Utah, Central Division. The complaint is brought on behalf of all purchasers of Lipocine securities between June 30, 2015 and June 28, 2016, for alleged violations of the Securities Exchange Act of 1934 by Lipocine’s officers and directors. Lipocine, a specialty pharmaceutical company, develops pharmaceutical products using its oral drug delivery technology in the areas of men’s and women’s health. The company’s lead product candidate, TLANDO (“LPCN 1021”) is an oral testosterone replacement therapy designed for twice-a-day dosing.
Lipocine Accused of Misrepresenting Its Lead Product Candidate
According to the complaint, Lipocine repeatedly touted in press releases and public filings the positive efficacy and safety results of its Phase 3 clinical trial for LPCN 1021. However, Lipocine officials failed to reveal that the trial results were based on a dosing scheme used for LPCN 1021 during the trial that differed significantly from the dosing scheme the company proposed to use in real world clinical practice, as described in its New Drug Application to the U.S. Food and Drug Administration (“FDA”). As a result of the deficiency, on June 29, 2016, Lipocine announced that it received a Complete Response Letter for LPCN 1021 from the FDA, stating its application cannot be approved in its present form due to “deficiencies related to the dosing algorithm for the label.” On this news, Lipocine’s stock price fell $3.17 per share, or over 50%, to close at $3.10 per share on June 29, 2016.
Lipocine Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, or you can complete the form below and we will contact you directly.