A lawsuit was filed on behalf of investors in Flex Pharma, Inc. (NASDAQ:FLKS) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 07/09/2018 -- An investor, who purchased shares of Flex Pharma, Inc. (NASDAQ: FLKS), filed a lawsuit over alleged violations of Federal Securities Laws by Flex Pharma, Inc. in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Flex Pharma, Inc. (NASDAQ: FLKS) should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Flex Pharma, Inc. (NASDAQ: FLKS) common shares between November 6, 2017 and June 12, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between November 6, 2017 and June 12, 2018, the defendants made false and/or misleading statements and/or failed to disclose that Flex Pharma overstated the viability and approval prospects for its product candidate FLX-787 for the treatment of ALS and CMT, and that as a result, Flex Pharma's public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On June 13, 2018, Flex Pharma, Inc announced that it plans to halt two ongoing Phase 2 clinical trials for FLX-787, the Company's treatment for amyotrophic lateral sclerosis, citing oral tolerability concerns observed in both studies. Flex Pharma, Inc further announced that the Company 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."
Those who purchased shares of Flex Pharma, Inc. (NASDAQ: FLKS) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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