The Law Offices of Frank R. Cruz reminds investors of the upcoming October 17, 2022 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Ampio Pharmaceuticals, Inc. (“Ampio” or the “Company”) (OTC: AMPE) common stock between December 29, 2020 and August 3, 2022, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On April 20, 2022, Ampio announced that the U.S. Food and Drug Administration (“FDA”) responded negatively to its Type C meeting request for the Company’s AP-013 clinical trial and that the FDA found the Company should have sought the FDA’s agreement on changes to the data analysis prior to analyzing and unblinding the data. On this news, the Company’s share price fell $0.09, or 26%, to close at $0.25 per share on April 21, 2022.
Then, on May 16, 2022, Ampio announced that it had formed a special committee to conduct an internal investigation focusing on Ampio’s AP-013 clinical trial and unauthorized provision of its anti-inflammatory drug Ampion for use by individuals not participating in clinical trials. On this news, the Company’s share price fell $0.04, or 10%, to close at $0.18 per share on May 18, 2022.
Then, on August 3, 2022, Ampio disclosed that, as far back as March 2020, “senior staff were aware . . . that the AP-013 trial did not demonstrate efficacy for Ampion on its co-primary endpoints of pain and function; and that these persons did not fully report the results of the AP-013 trial and the timing of unblinding of data from the AP-013 trial." The Company also revealed "that certain Ampio personnel, including a former executive officer and certain former directors, facilitated the provision of Ampion for unauthorized use."
On this news, Ampio’s stock fell $0.06, or 37.5%, to close at $0.10 per share on August 3, 2022, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, 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, Defendants: (1) inflated the Company's true ability to successfully file a Biologics License Application for Ampion; (2) inflated the results of the AP-013 study and the timing of unblinding the data from the AP-013 study; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Ampio common stock during the Class Period, you may move the Court no later than October 17, 2022 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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