Cytokinetics Investor Sues Over Heart Drug’s Approval Delay (1)

Cytokinetics Inc. has been sued for touting the approval prospects of its experimental heart treatment before federal regulators announced a delay to review the cardiovascular biopharmaceutical company’s safety plan.

The company’s stock price plunged 13% to close at $37.35 on May 2, the day after it said the Food and Drug Administration pushed back a September deadline three months to fully inspect a proposed Risk Evaluation and Mitigation Strategy. That was the stock’s sharpest one-day drop in almost a year, according to data compiled by Bloomberg.

Cytokinetics said in a press release a day earlier that it had submitted its ...