Sage Therapeutics, Inc.
Case Overview
34 Days Left to Seek Lead Plaintiff
Lead Plaintiff Deadline: | Lead Plaintiff Deadline: 10/29/2024 |
Status: | Status: Investigating |
Company Name: | Company Name: Sage Therapeutics, Inc. |
Court: | Court: Southern District of New York |
Case Number: | Case Number: 1:24cv06511 |
Class Period: | Class Period: 04/12/2021 - 07/23/2024 |
Ticker: | Ticker: SAGE |
Related Attorneys: | Lead Attorneys: Thomas W. Elrod |
Related Practices: | Related Practices: Securities |
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Sage Therapeutics, Inc. (“Sage Therapeutics” or the “Company”) (NASDAQ: SAGE) securities during the period of April 12, 2021 through July 23, 2024, inclusive (“the Class Period”). Investors have until October 28, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On August 4, 2023, Sage Therapeutics issued a press release disclosing that the FDA had only approved its drug Zuranolone NDA insofar as it sought zuranolone as a treatment for adults with post-partum depression and had "issued a Complete Response Letter for the [NDA] for zuranolone in the treatment of adults with MDD [major depressive disorder]" because "the application did not provide substantial evidence of effectiveness to support the approval of zuranolone for the treatment of MDD," advising that "an additional study or studies will be needed" for that additional indication. On this news, the price of Sage Therapeutics shares declined by $19.35 per share, or approximately 53.6%, to close at $16.75 per share on August 7, 2023.
On April 17, 2024, Sage Therapeutics issued a press release disclosing that a Phase 2 study of SAGE-718 as a treatment for mild cognitive impairment (MCI) due to Parkinson's Disease (PD) "did not meet its primary endpoint of demonstrating statistically significant difference" from baseline participants treated with the drug and those treated with a placebo, and that, "[b]ased on the data, the Company does not plan any further development of [SAGE-718] in PD." On this news, the price of Sage Therapeutics shares declined by $3.06 per share, or 19.58%, to close at $12.57 per share on April 17, 2024.
The lawsuit alleges that Sage Therapeutics failed to disclose that: (i) zuranolone was less effective in treating MDD than Defendants had led investors to believe; (ii) accordingly, the FDA was unlikely to approve the Zuranolone NDA for the treatment of MDD in its present form, and zuranolone's clinical results for MDD, as well as its overall regulatory and commercial prospects, were overstated; (iii) SAGE-718 was less effective in treating MCI due to PD than Defendants had led investors to believe; (iv) accordingly, SAGE-718's clinical, regulatory, and commercial prospects as a treatment for MCI due to PD were overstated; (v) SAGE-324 was less effective in treating ET than Defendants had led investors to believe; (vi) accordingly, SAGE-324's clinical, regulatory, and commercial prospects as a treatment for ET were overstated;
On August 4, 2023, Sage Therapeutics issued a press release disclosing that the FDA had only approved its drug Zuranolone NDA insofar as it sought zuranolone as a treatment for adults with post-partum depression and had "issued a Complete Response Letter for the [NDA] for zuranolone in the treatment of adults with MDD [major depressive disorder]" because "the application did not provide substantial evidence of effectiveness to support the approval of zuranolone for the treatment of MDD," advising that "an additional study or studies will be needed" for that additional indication. On this news, the price of Sage Therapeutics shares declined by $19.35 per share, or approximately 53.6%, to close at $16.75 per share on August 7, 2023.
On April 17, 2024, Sage Therapeutics issued a press release disclosing that a Phase 2 study of SAGE-718 as a treatment for mild cognitive impairment (MCI) due to Parkinson's Disease (PD) "did not meet its primary endpoint of demonstrating statistically significant difference" from baseline participants treated with the drug and those treated with a placebo, and that, "[b]ased on the data, the Company does not plan any further development of [SAGE-718] in PD." On this news, the price of Sage Therapeutics shares declined by $3.06 per share, or 19.58%, to close at $12.57 per share on April 17, 2024.
The lawsuit alleges that Sage Therapeutics failed to disclose that: (i) zuranolone was less effective in treating MDD than Defendants had led investors to believe; (ii) accordingly, the FDA was unlikely to approve the Zuranolone NDA for the treatment of MDD in its present form, and zuranolone's clinical results for MDD, as well as its overall regulatory and commercial prospects, were overstated; (iii) SAGE-718 was less effective in treating MCI due to PD than Defendants had led investors to believe; (iv) accordingly, SAGE-718's clinical, regulatory, and commercial prospects as a treatment for MCI due to PD were overstated; (v) SAGE-324 was less effective in treating ET than Defendants had led investors to believe; (vi) accordingly, SAGE-324's clinical, regulatory, and commercial prospects as a treatment for ET were overstated;