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SAGE.US
id: 569
Sage Therapeutics (SAGE) Drugs Issues Case
The court has appointed the lead plaintiff to represent the class.
S.D. New York
Court1:24-cv-06511
Case number04/12/2021
Class period Start07/23/2024
Class period End10/28/2024
Lead Plaintiff motion deadline- $SAGE stockholders filed a claim against Sage Therapeutics for overstating the effectiveness and prospects of Zuranolone, SAGE-718, and SAGE-324.
- After the news on July 24, 2024, $SAGE dropped by over 20%.
- Sage Therapeutics investors can join this case to be notified about potential recovery.
Case Details:
On July 24, 2024, Sage announced it would stop developing its oral therapy SAGE-324 for essential tremor after a mid-stage trial failed.
The KINETIC 2 Phase 2 trial showed that SAGE-324 did not achieve statistically significant results for its main goal by Day 91.
There were also no significant differences between SAGE-324 and placebo for the primary endpoint.
Additionally, the drug was linked to treatment-emergent adverse events related to the central nervous system.
On this news, $SAGE fell by 20.64% on the same day.
Based on these events, $SAGE investors filed a claim against Sage Therapeutics, accusing the company of the following:
- The company overstated the effectiveness and prospects of Zuranolone, SAGE-718, and SAGE-324 in treating their respective conditions.
- This made FDA approval and commercial success less likely than suggested.
Considering all the representations, investors suspect Sage Therapeutics overstated the effectiveness and prospects of Zuranolone, SAGE-718, and SAGE-324.
Case Status
Lead Plaintiff Appointed
Alleged Offence
Mismanagement,
Financial Misrepresentation,
Fraud,
Negligence,
Breach of Fiduciary duty,
Omissions
Suspected Party
Directors,
Management,
Shareholder
Security Type
Stocks
Trade Direction
Long
Shock Event Date
11/10/2022
Filing date
08/28/2024
Lead Plaintiff Deadline
10/28/2024