Robbins Arroyo LLP: Anthera Pharmaceuticals, Inc. (ANTH) Misled Shareholders According to a Recently Filed Class Action
Robbins Arroyo LLP announces that a class action complaint was filed against Anthera Pharmaceuticals, Inc. (“Anthera”) (NASDAQGM: ANTH) in the U.S. District Court for the Northern District of California. The complaint is brought on behalf of all purchasers of Anthera securities between February 10, 2015 and December 27, 2016, for alleged violations of the Securities Exchange Act of 1934 by Anthera’s officers and directors. Anthera, a biopharmaceutical company, focuses on the development and commercialization of medicines for patients with unmet medical needs.
Anthera Accused of Unjustifiably Touting Its Competitive Advantage
According to the complaint, on February 10, 2015, Anthera announced the successful completion of an interim analysis of its Phase 3 trial, known as CHABLIS-SC1, of blisibimod in patients with systematic lupub erythematosus (“SLE”). Anthera stated that it was pleased with the study’s ability to pass a critical milestone and that “the [SLE Responder Index-6] endpoint has a history of consistency across multiple trials and represents the best possibility for success.” Anthera also stated in a Form 10-K that it filed with the U.S. Securities and Exchange Commission that it believed that the CHABLIS-SC1 development program may offer many potential opportunities for differentiation as opposed to other offerings, and subsequently stated that the company expected to report topline efficacy data in the fourth quarter of 2016. However, the complaint alleges that Anthera officials failed to disclose that patients were not improving in the CHABLIS-SC1 clinical trial and that there were dosing problems inherent in its Solution Study design that created challenges to obtaining responses.
On November 10, 2016, Anthera announced in a press release that the CHABLIS-SC1 clinical trial failed to meet its primary endpoint based upon the SLE Responder Index-6 at 52 weeks. The company further expressed disappointment that the results did not demonstrate a meaningful improvement in patients’ disease activity. Then, on December 27, 2016, Anthera announced the Solution Study missed the CFA non-inferiority margin of the primary modified Intent to Treat analysis. Anthera attributed the disappointing news to the structure of the study, which likely hindered the results by prohibiting some patients from increasing their dosage during the testing. On this news, Anthera’s stock fell by 63% to close at $0.74 per share on December 28, 2016.
Anthera Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.
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