Acer Therapeutics Inc., a small biotechnology company, must face most claims in a securities class action brought by purchasers of Acer securities who say the company made materially false and misleading statements regarding interactions with the FDA for a new drug.
Lead plaintiff Nicholas Skiadas alleges that Acer, its founder, and its chief financial officer misled investors about what the FDA had “agreed to” in a September 2015 meeting regarding the status of Edsivo, which Acer hoped would become the first FDA-approved drug to successfully treat Vascular Ehlers-Danlos Syndrome. The FDA ultimately rejected Acer’s new drug application.
According to the...