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Levi & Korsinsky announces commencement of a class action lawsuit in the USDC for the District of New Jersey on behalf of shareholders of SCYNEXIS, INC. (NASDAQ: SCYX) who purchased shares (1) pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with the Company’s Initial Public Offering on or about May 2, 2014 and/or (2) between May 2, 2014 and March 2, 2017.
The complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) SCYNEXIS’s lead product SCY-078 posed substantial undisclosed health and safety risks; (ii) consequently, the Company had overstated the drug’s approval prospects and/or commercial viability; and (iii) as a result of the foregoing, SCYNEXIS’s public statements were materially false and misleading at all relevant times.
On March 2, 2017, SCYNEXIS announced that the U.S. Food and Drug Administration “informed the Company to hold the initiation of any new clinical studies with the intravenous (IV) formulation of SCY-078 until the FDA completes a review of all available pre-clinical and clinical data” of the formulation. The hold stems from “three mild-to-moderate thrombotic events in healthy volunteers” receiving the formulation. Following this news, shares of SCYNEXIS fell from a close of $3.27 on March 2, 2017, to a close of $2.70 on March 3, 2017. If you suffered a loss in SCYNEXIS you have until May 8, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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