LOS ANGELES–(BUSINESS WIRE)–$ACER #classaction—The Law Offices of Frank R. Cruz is investigating potential claims against the board of directors of Acer Therapeutics Inc. (“Acer” or the “Company”) (NASDAQ: ACER) concerning whether the board breached its fiduciary duties to shareholders.
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On June 25, 2019, the Company disclosed receipt of a Complete Response Letter (“CRL”) from the U.S. Food and Drug Administration rejecting its new drug application for EDSIVO, a medication for the treatment of Ehlers-Danlos syndrome. According to the CRL, “an adequate and well-controlled trial” was required to determine whether EDSIVO “reduces the risk of clinical events” in patients with vascular Ehlers-Danlos syndrome.
On this news, the Company’s share price fell $15.16, or nearly 79%, to close at $4.12 on June 25, 2019, thereby injuring investors.
Our investigation concerns whether the Company’s board of directors breached its fiduciary duties to shareholders and/or grossly mismanaged the Company in connection with the above alleged misconduct.
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If you purchased Acer shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regards to this matter, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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