SAN FRANCISCO (Legal Newsline) — A Tennessee stockholder has filed a class action lawsuit against a pharmaceutical company and its officers, alleging fraud, negligent misrepresentation and violation of federal law.
Brian Clevlen filed a complaint, individually and on behalf of all other similarly situated, Feb. 13 in U.S. District Court for the Northern District of California against Anthera Pharmaceuticals, Inc., Paul F. Truex, Craig Thompson, May Liu and William Shanahan, alleging tthey issued false statements regarding the company's business and operations.
According to the complaint, Clevlen sustained monetary damages from purchasing common stock that had its prices artificially inflated. The suit says the stock price fell 63 percent between Dec. 27-28, 2016. The plaintiff alleges the defendants failed to disclose to common stockholders and to the general public that patients with systemic lupus erythematosus were not improving in the CHABLIS-SC1 clinical trials in order to artificially inflate its share prices.
Clevlen seeks trial by jury, damages including interest, court costs and all further relief the court grants. He is represented by attorney Rosemary M. Rivas of Levi & Korsinsky LLP in San Francisco.
U.S. District Court for the Northern District of California Case number 3:17-cv-00715-RS