Faruqi & Faruqi, LLP Files Class Action Lawsuit Against AEterna Zentaris Inc. - AEZS

Published on Friday, 15 June 2012 22:08 Written by TradersHuddle Staff

NEW YORK, June 15, 2012 /PRNewswire/ -- Notice is hereby given that Faruqi & Faruqi, LLP has filed a class action lawsuit in the United States District Court for the Southern District of New York, Case No. 12-Civ-4711, on behalf of all persons who purchased AEterna Zentaris Inc. ("AEterna" or the "Company") (NASDAQ GM: AEZS) securities between February 3, 2010 and April 1, 2012 inclusive (the "Class Period").

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If you wish to obtain information concerning this action or view a copy of the complaint, you can do so by clicking here: http://faruqilaw.com/AEZS. There is no cost or obligation to you.

AEterna, AEterna's Chief Executive Officer Juergen Engel and AEterna's Chief Financial Officer Dennis Turpin are charged with violations of Section 10(b) and/or 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.  Specifically, the complaint alleges that defendants mislead investors about the timing and success of AEterna's clinical trial that tested whether the drug perifosine was effective in treating late stage colorectal cancer. 

On April 2, 2012, AEterna shocked the market by disclosing that perifosine was ineffective in treating colorectal cancer.  This news caused AEterna stock to drop approximately 66% by the close of the business day. 

Plaintiff now seeks to recover damages on behalf of himself and all other individual and institutional investors who bought AEterna securities between February 3, 2010 and April 1, 2012, excluding defendants and their affiliates.  Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions and actions involving corporate fraud.

If you purchased AEterna securities during the Class Period, you may, not later than August 14, 2012, move the court to serve as lead plaintiff of the class, if you so choose.  In order to discuss this action, or if you have any questions concerning this notice or your rights or interests, please contact:

Faruqi & Faruqi, LLP

369 Lexington Avenue, 10th Floor

New York, NY 10017

ATTN: Juan Monteverde, Esq, Richard Gonnello, Esq. or Francis P. McConville, Esq.

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Toll Free: (877) 247-4292

Phone: (212) 983-9330

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