If you purchased or acquired securities in Marinus stock or options between March 17, 2021 and May 7, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/MRNS.
NEW YORK, July 18, 2024 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Marinus Pharmaceuticals, Inc. (“Marinus” or the “Company”) (NASDAQ: MRNS) and reminds investors of the August 5, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) defendants understated the risk of failure to meet the early-stopping criteria in the RAISE trial; (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. When the true details entered the market, the lawsuit claims that investors suffered damages.
On April 15, 2024, 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.
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.
Then, on May 8, 2024, before the market opened, the Company filed with the SEC a current report on Form 8-K. Attached to this Form 8-K was a press release in which the Company announced cost cutting measures. In the same press release, the Company announced that “Marinus has stopped the Phase 3 Raise II trial in RSE; future development in RSE will be assessed following review of the RAISE topline data[.]”
During market hours on May 8, 2024, Fierce Biotech published an article entitled “Marinus lays of 20% of staff to steady ship after IV seizure med’s phase 3 struggles”, which illustrated the impact on the Company of the failure to meet the early stopping criteria in the RAISE trial.
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.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Marinus’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Marinus class action, go to www.faruqilaw.com/MRNS or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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