NEW YORK, May 25, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at AEterna Zentaris Inc. ("AEterna" or the "Company") (NasdaqGM: AEZS).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose in a timely manner that AEterna's drug perifosine was not effective in treating colorectal cancer.
On April 2, 2012, AEterna announced that the Phase 3 "X-PECT" (Xeloda® and Perifosine Evaluation in Colorectal cancer Treatment) clinical trial evaluating perifosine and capecitabine (Xeloda®) in patients with refractory advanced colorectal cancer did not meet the primary endpoint of improving overall survival versus capecitabine and placebo. As a result of this news, the Company's stock plummeted $1.41 per share to close at $0.73 per share on April 2, 2012, a one-day decline of approximately 66% on high volume.
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If you purchased AEterna securities and would like to discuss your legal rights, visit www.faruqilaw.com/AEZS. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com or fmcconville@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding AEterna's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Francis McConville, Esq.
fmcconville@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
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