Robbins Arroyo LLP: Neurotrope, Inc. (NTRP) Misled Shareholders According to a Recently Filed Class Action
Robbins Arroyo LLP announces that a class action complaint was filed against Neurotrope, Inc. (NasdaqCM: NTRP) in the U.S. District Court for the Southern District of New York. The complaint is brought on behalf of all purchasers of Neurotrope securities between January 7, 2016 and April 28, 2017, for alleged violations of the Securities Exchange Act of 1934 by Neurotrope’s officers and directors. Neurotrope, a biopharmaceutical company, focuses on developing therapeutic and diagnostic technologies in the field of neurodegenerative diseases in the United States. The company’s product for treating Alzheimer’s disease is known as Bryostatin-1 (“Bryostatin”).
Neurotrope Accused of Deceiving Shareholders About the Efficacy of Its Drug
According to the complaint, in a series of press releases, Neurotrope officials repeatedly misled investors regarding the efficacy of Bryostatin in clinical trials. During and after the trials were completed, Neurotrope represented that the drug could be “a potential breakthrough” in Alzheimer’s treatment and that the company was “in a strong position to negotiate terms with pharmaceutical partners.” On May 1, 2017, Neurotrope issued a press release announcing “positive top-line results” of their most recent study of Bryostatin that demonstrated improvement in patients with moderate to severe Alzheimer’s. However, contrary to the positive statements in the press release, the data did not reveal any significant improvement in patients who took the 20 microgram dose. Further, Neurotrope completely omitted any data on patients who took the 40 microgram dose. On this news, Neurotrope’s stock plummeted 63% from $18.81 per share on April 28, 2017, to a closing share price of $6.97 per share on May 1, 2017.
Neurotrope 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.