New claim filed against pharmaceutical company INSYS, maker of Subsy alleges company released false or misleading statements including improper marketing statements surrounding Subsy.
Class Action Lawsuit Against the Pharmaceutical Company INSYS Therapeutics, Inc.
May 27, 2014 via Wall Street Journal Online (online.wsj.com).A class action lawsuit has been filed in the United States District Court for the District of Arizona on behalf of all purchasers of the securities of INSYS Therapeutics, Inc. (“INSYS” or the “Company”) (NASDAQ:INSY) between May 2, 2013 and May 8, 2014, inclusive (the “Class Period”). INSYS is a specialty pharmaceutical company that develops and commercializes innovative supportive care products. The Company has two marketed products — a generic equivalent to Marinol for chemotherapy-induced nausea, vomiting and anorexia in patients with AIDS, and Subsys, a proprietary sublingual fentanyl spray for breakthrough cancer pain in opioid-tolerant patients. The Complaint alleges that throughout the Class Period defendants issued false and/or misleading statements and/or failed to disclose: (1) the Company’s illegal and/or improper marketing of Subsys; (2) that improper marketing of Subsys could lead to regulatory scrutiny; (3) that such regulatory scrutiny could expose the Company to potential fines and other disciplinary actions; and (4) as a result of the foregoing, that the Company’s financial statements were materially false and misleading at all relevant times. More info and the original press release here.