The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased Flex Pharma, Inc. (NASDAQ: FLKS) securities between November 6, 2017 and June 12, 2018.
According to the FLKS lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company overstated the viability and approval prospects for its product candidate FLX-787 for the treatment of amyotrophic lateral sclerosis and Charcot-Marie-Tooth disease; and (ii) as a result, Flex Pharma's public statements were materially false and misleading at all relevant times. On June 13, 2018, Flex announced that it planned to halt its FLX-787 trials, citing oral tolerability concerns observed in both studies. Flex also said that it will restructure its organization to reduce costs, including reducing its workforce by approximately 60%, and that Flex's Board is exploring "strategic alternatives, including the potential sale or merger of the company." Following this news, Flex stock dropped $3.14 per share, or 75.12%, to close at $1.04 on June 13, 2018.
If you suffered a loss in Flex Pharma, Inc. you have until August 20, 2018 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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