Violations of federal securities laws as a result of a series of materially false statements. According to the Complaint, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the clinical research organization conducting the Phase III pivotal trial of Ampion for treatment of osteoarthritis of the knee (the "STEP Study") lacked independence; (2) the trial drug supply for the STEP Study was shipped to clinical sites at lower temperatures than permitted by the drug specifications; and (3) as a result of the foregoing, the Company's public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit alleges that investors suffered damages. Filed in C.D. Cal.
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