RM LAW, P.C. announces that a class action lawsuit has been filed in United States District Court for the Southern District of Florida on behalf of all persons or entities that purchased TherapeuticsMD, Inc. (“TherapeuticsMD” or the “Company”) (NYSE MKT: TXMD) securities between July 7, 2016 and April 9, 2017, inclusive (the “Class Period”).
TherapeuticsMD shareholders may, no later than June 16, 2017, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of TherapeuticsMD and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, visit: www.maniskas.com/case/txmd.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
According to the complaint, on July 7, 2016, the company announced that it had filed its New Drug Application (“NDA”) for TX-004HR with the U.S. Food and Drug Administration (“FDA”) seeking approval of TX-004HR for the treatment of moderate to severe dyspareunia. The company subsequently stated that it was making excellent progress and that it was encouraged by its positive pivotal Phase 3 Rejoice Trial designed to assess the safety and efficacy of TX-004HR. The complaint further alleges that the company failed to inform investors that its NDA submission was deficient and was not supported by the complete TX-004HR clinical program, which would likely cause a delay of the FDA’s potential approval of the NDA.
On April 10, 2017, TherapeuticsMD issued a press release revealing that, as part of its ongoing review of the NDA, the FDA “identified deficiencies that preclude discussion of labeling and postmarketing requirements/commitments at this time.” The company further stated that the letter did not specify the deficiencies and that the company was not aware of the nature of the deficiencies. TherapeuticsMD noted that the FDA had previously set a target date of April 9, 2017, for communicating to the company proposed labeling and postmarketing requirements and commitments.
On this news, TherapeuticsMD’s stock fell $1.50 per share, or nearly 20%, to close at $6.20 per share on April 10, 2017.
If you are a member of the class, you may, no later than June 16, 2017, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.