MRNS - Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Marinus Pharmaceuticals Inc. (MRNS)
NEW YORK, June 06, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of Pennsylvania on behalf of all persons or entities who purchased or otherwise acquired Marinus Pharmaceuticals, Inc. (“Marinus” or the “Company”) (NASDAQ: MRNS) securities between March 17, 2021 and May 7, 2024, inclusive (the “Class Period”). The lawsuit seeks to recover damages for the Company’s investors under the federal securities laws.
The Complaint in the lawsuit alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges that the Defendants failed to disclose to investors that: (1) Defendants understated the risk of failure to meet the early stopping criteria in the Randomized Therapy in Status Epilepticus trial (RAISE); (2) Defendants did not disclose that a possible consequence of failing to meet the early stopping criteria in the RAISE trial would be that Marinus would stop the separate Phase 3 RAISE II trial; and (3) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times.
The Complaint further alleges that the truth emerged on April 15, 2024, when, before the market opened, Marinus issued a press release entitled “Marinus Pharmaceuticals Provides Update on the Phase 3 RAISE Trial and Reports Preliminary First Quarter 2024 Financial results.” (the “April 15 Announcement”). The April 15 Announcement revealed that the RAISE trial had not met early stopping criteria and also that the Company would implement cost-saving measures.
The Complaint further alleges that on this news, the price of Marinus stock fell $6.22 per share, or 82.7%, to close at $1.30 per share on April 15, 2024. The next day, the price of Marinus stock fell a further $0.10, or 7.69%, to close at $1.20 on April 16, 2024
Investors who purchased or otherwise acquired shares of Marinus should contact the Firm prior to the August 5, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com .
Please visit our website at http://www.gme-law.com for more information about the firm.