Class Action Lawsuit Against Inspire Pharmaceuticals, Inc.
The Complaint alleges that Inspire violated federal securities laws by issuing false or misleading public statements. Specifically, the Complaint alleges that Inspire made improper statements regarding the Stage III trial of its dry eye drug, Diquafosol tetrasodium. The Complaint alleges that Inspire failed to inform investors that the study's primary endpoint mandated by the FDA had changed from corneal staining to a more stringent corneal clearing. Moreover, the Complaint alleges that during a November 4, 2004 conference call, Inspire stated that the primary endpoint was "corneal staining." When the truth was revealed on February 9, 2005, Inspire stock fell from a previous close of $16.00 per share to close at $8.88 per share on extremely heavy trading volume.
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