NEW YORK, June 10, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of Marinus Pharmaceuticals, Inc. (NASDAQ: MRNS)?
- Did you purchase your shares between March 17, 2021 and May 7, 2024, inclusive?
- Did you lose money in your investment in Marinus Pharmaceuticals, Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Marinus Pharmaceuticals, Inc. (“Marinus” or the “Company”) (NASDAQ: MRNS) between March 17, 2021 and May 7, 2024, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Eastern District of Pennsylvania and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired Marinus securities, and/or would like to discuss your legal rights and options please visit Marinus Pharmaceuticals, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Marinus describes itself as a “commercial-stage pharmaceutical company dedicated to the development of innovative therapeutics for the treatment of seizure disorders, including rare genetic epilepsies and status epilepticus, which includes the use of ZTALMY® (ganaxolone).” Pertinent to this action is the Randomized Therapy in Status Epilepticus trial (RAISE), which the Company has described as a “pivotal Phase 3 trial in refractory status epilepticus (RSE) patients.”
According to the Complaint, Defendants failed to disclose to investors that: (i) Defendants understated the risk of failure to meet the early-stopping criteria in the RAISE trial; and (ii) a possible consequence of failing to meet the early stopping criteria in the RAISE trial would be that Marinus would stop the separate Phase 3 RAISE II trial.
On April 15, 2024, before the market opened, Marinus revealed that the RAISE trial had not met early stopping criteria and that the Company would implement cost-saving measures.
On this news, Marinus’ stock price fell over 82%, to close at $1.30 per share on April 15, 2024.
Then, on May 8, 2024, before the market opened, Marinus announced cost cutting measures including: (i) stopping clinical trial enrollment in the RAISE and RAISE II trials; (ii) deferring IV ganaxolone manufacturing investments; (iii) reducing the Company’s workforce by approximately 20%; (iv) additional cost reductions across both R&D and general and administrative (G&A) functions; and (v) other operational changes to increase overall efficiency of the Company’s operations.
On this news, Marinus’ stock price fell almost 9%, closing at $1.43 per share on May 8, 2024.
If you wish to serve as lead plaintiff, you must move the Court no later than August 5, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Marinus securities, and/or would like to discuss your legal rights and options please visit Marinus Pharmaceuticals, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
