A pharmaceutical company is being accused of making false statements on about its business to stockholders.
Guidano Napoli filed the lawsuit on May 8 in U.S. District Court Central District of California against Ampio Pharmaceuticals along with executives at the company.
Ampio is a biopharmaceutical company that develops treatments for inflammatory conditions. Two of the products were to treat osteoarthritis of the knee and for diabetic macular edema. The lawsuit claims the company failed to tell stockholders that the research organization conducting studies lacked independence, and the drugs shipped for the studies was shipped at lower temperatures than required.
When the news went public about the drugs for the study being shipped at lower temperatures, Ampio stock fell about $1.80 per share, which is about 24 percent, and closed at $5.66 per share on Aug. 21, 2014. The lawsuit claims the false statements made by Ampio resulted in the stock falling.
The lawsuit seeks class status for those who purchased stock in Ampio Pharmaceuticals between Jan. 13, 2014, and Aug. 21, 2014.
Napoli is represented by Laurence M. Rosen of The Rosen Law Firm, P.A. in Los Angeles.
U.S. District Court Central District of California case number 2:15-cv-03474.