TRENTON, N.J. (Legal Newsline) – A couple are spearheading a class action against a pharmaceutical company they believe has violated federal law governing stocks.
Henry A. and Wilma Kelley, as well as a class consisting of an unknown number of other individuals, filed a lawsuit against Aerie Pharmaceuticals Inc., Vicente Anido Jr., Thomas A. Mitro, Richard J. Rubino, Brian Levy and Anand Mehra on April 29 in U.S. District Court for New Jersey.
The plaintiffs, of Fort Walton, Fla., are bringing this action on behalf of all persons who purchased or otherwise acquired Aerie publicly traded securities between Aug. 6 and April.
Clarkson S. Fisher Federal Building and United States Courthouse
The lawsuit states that the company’s employees “made materially false and misleading statements… in press releases and filings with the [Securities and Exchange Commission] and in oral statements to the media, securities analysts and investors.”
These statements, the lawsuit states, resulted in Aerie’s stock trading “at artificially high prices… however after the above revelations seeped into the market, the company’s shares were hammered by massive sales, sending the company’s stock price down nearly 64 percent… and causing economic harm and damages to class members.”
The plaintiff seeks unspecified damages, as well as attorneys’ fees and court costs.
The plaintiff is represented by Peter S. Pearlman of Cohn, Lifland, Pearlman, Herrman and Knopf LLP. in Saddle Brook, N.J., and David C. Walton of Robbins, Geller, Rudman and Dowd LLP in San Diego.
