|[October 24, 2013]
Wolf Haldenstein Adler Freeman & Herz LLP Commences Class Action Lawsuit on Behalf of Achillion Pharmaceuticals, Inc. Investors
NEW YORK --(Business Wire)--
Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action
lawsuit has been filed in the United States District Court, District of
Connecticut, on behalf of all persons who purchased or otherwise
acquired common stock of Achillion Pharmaceuticals, Inc. ("Achillion" or
the "Company") (NASDAQ GS:ACHN) between August 8, 2012 and September 30,
2013, inclusive (the "Class Period"), against the Company and certain of
the Company's officers ("Defendants"), alleging securities fraud
pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of
1934 [15 U.S.C. �� 78j(b) and 78t(a)] and Rule 10b-5 promulgated
thereunder by the SEC (News - Alert) [17 C.F.R. � 240.10b-5].
The litigation is styled Jiang v. Achillion
Pharmaceuticals, Inc., C.A. No. 3:13-cv-01543. A copy of the
Complaint filed in this action is available from the Court, or can be
viewed on the Wolf Haldenstein Adler Freeman & Herz LLP website at www.whafh.com.
The Complaint alleges that during the Class Period, Achillion engaged in
a fraudulent scheme to artificially inflate the Company's stock price by
disseminating materially false and misleading statements concerning its
clinical trials of the drug sovaprevir. The Company falsely represented
that sovaprevir, one of the protease inhibitor compounds in its
portfolio of oral treatments for the hepatitis C virus, was
well-tolerated and had a low potential for drug-drug interactions.
Indeed, Achillion touted the results of its clinical tests even though,
in July 201, the United States Food and Drug Administration ("FDA")
placed a clinical hold on sovaprevir after elevations in liver enzymes
were noted in a phase 1 interaction study.
As recently as September 10, 2013, while the FDA's clinical hold was
still in place, the Company's CEO, Milind S. Deshpande, stated in an
investor presentation that Achillion would likely "receive a favorable
response from the [FDA]" and projected, with a "99.99% confidence
interval," that there would be "no overlap between the exposures … with
 clinical doses versus the exposure … in the [drug-drug interaction]
study." Despite the Company's repeated assurances, on September 27,
2013, Achillion announced that the FDA ultimately concluded that the
removal of the clinical hold was not warranted. On this news, shares of
Achillion fell $4.30 per share, more than 59.53% on intraday trading, to
$2.94 per share on September 30, 2013.
The suit alleges that in ignorance of the false and misleading nature of
the statements described in the Complaint, and the deceptive and
manipulative devices and contrivances employed by said Defendants,
Plaintiff and the other members of the Class relied, to their detriment,
on the integrity of the market price of Achillion common stock. Had
Plaintiff and the other members of the Class known the truth, they would
not have purchased said securities, or would not have purchased them at
the inflated prices that were paid.
If you purchased ACHN common stock during the Class Period, you may
request that the Court appoint you as lead plaintiff by December 9,
2013. 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 Wolf Haldenstein, or other counsel of your choice, to
serve as your counsel in this action.
Wolf Haldenstein has extensive experience in the prosecution of
securities class actions and derivative litigation in state and federal
trial and appellate courts across the country. The firm has
approximately 70 attorneys in various practice areas; and offices in
Chicago, New York City, and San Diego. The reputation and expertise of
this firm in shareholder and other class litigation has been repeatedly
recognized by the courts, which have appointed it to major positions in
complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions, please contact
Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New
York, New York 10016, by telephone at (800) 575-0735 (Gregory M.
Nespole, Esq.), via e-mail at email@example.com,
or visit our website at www.whafh.com.
All e-mail correspondence should make reference to "Achillion".
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