SAN DIEGO, June 20, 2024 (GLOBE NEWSWIRE) — Robbins LLP reminds investors that a shareholder filed a class action on behalf of persons and entities that purchased or otherwise acquired Marinus Pharmaceuticals, Inc. (NASDAQ: MRNS) securities between March 17, 2021 and May 7, 2024. Marinus describes itself as a “commercial-stage company dedicated to the development of innovative therapeutics for the treatment of seizure disorders, including rare genetic epilepsies and status epilepticus, which includes the use of ZTALMY® (ganaxolone).”
For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.
The Allegations: Robbins LLP is Investigating Allegations Marinus Pharmaceuticals, Inc. (MRNS) Misled Investors Regarding the Viability of its Drug Candidate
According to the complaint, defendants failed to disclose that (1) defendants understated the risk of failure to meet the early-stopping criteria in the RAISE trial, and (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.
On April 15, 2024, Marinus announced that the RAISE trial had not met early stopping criteria and that the Company would implement cost-saving measures. 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.
Then, on May 8, 2024, Marinus announced cost cutting measures, including to stop “the Phase 3 Raise II trial in RSE; future development in RSE will be assessed following review of the RAISE topline data[.]” That same day, Fierce Biotech published an article sharing that “Marinus lays off 20% of staff to steady ship after IV seizure med’s phase 3 struggles.” On this news, the price of Marinus stock fell $0.14 per share, or 8.91%, to close at $1.43 on May 8, 2024.
What Now: You may be eligible to participate in the class action against Marinus Pharmaceuticals, Inc. Shareholders who want to serve as lead plaintiff for the class must file their motions with the court by August 2, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
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