NEWTOWN,
Pa., Sept. 5, 2024 /PRNewswire/ -- Edelson
Lechtzin LLP, a leading class action law firm, announces that
investors of Sage Therapeutics, Inc. common stock (NASDAQ: SAGE)
between April 12, 2021, and
July 23, 2024, inclusive (the "Class
Period") may seek appointment as lead plaintiff in the pending
securities fraud class action lawsuit. A copy of the
Complaint can be found HERE.
Investors who purchased Sage stock may move the U.S. District
Court for the Southern District of New
York to appoint them as lead plaintiff, no later than
October 28, 2024. Please
contact Edelson Lechtzin LLP to discuss your SAGE losses at
844-696-7492, or by e-mail at
elechtzin@edelson-law.com.
Background on Sage Therapeutics, Inc.
Sage Therapeutics, based in Cambridge,
Massachusetts, is a biopharmaceutical company dedicated to
creating new treatments for people with serious brain
disorders.
The Securities Fraud Claims
Throughout the Class Period, the Complaint alleges
that Defendants made materially false and misleading statements
regarding Sage Therapeutics's business, operations, and prospects,
including that: (i) SAGE-217 (zuranolone) was less effective in
treating major depressive disorder ("MDD") than Defendants led
investors to believe; (ii) accordingly, the FDA was unlikely to
approve the zuranolone for the treatment of MDD in its present
form, and zuranolone's clinical results for MDD, and its overall
regulatory and commercial prospects, were overstated; (iii)
SAGE-718 (dalzanemdor), was less effective in treating mild
cognitive impairment ("MCI") due to Parkinson's Disease ("PD") than
Defendants 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, an investigational
drug for the treatment of essential tremor ("ET") was less
effective than Defendants led investors to believe; and (vi)
accordingly, SAGE-324's clinical, regulatory, and commercial
prospects as a treatment for ET were overstated.
On August 4, 2023, Sage announced
that the FDA approved zuranolone for treating adults with
postpartum depression ("PPD") but issued a Complete Response Letter
for treating adults with MDD. The FDA letter stated that the
evidence provided did not sufficiently support its effectiveness
for treating MDD and recommended additional studies for that use.
On this news, Sage's stock price fell $19.35 per share, or 53.6%, to close at
$16.75 per share on August 7, 2023.
On April 17, 2024, Sage announced
that the Phase 2 study of SAGE-718 as a treatment for MCI due to PD
did not show a significant difference from the placebo in the test
results. As a result of this data, Sage stated that it does not
plan to continue developing SAGE-718 for PD. On this news, Sage's
stock price fell $3.06 per share, or
19.58%, to close at $12.57 per share
on April 17, 2024.
On July 24, 2024, Sage announced
that a study of SAGE-324 as a treatment for ET did not show a clear
relationship between the dose given and the improvement in symptoms
among participants with ET. The study also found that SAGE-324 did
not demonstrate any significant differences compared to a placebo
in improving symptoms or daily functioning. As a result, Sage and
Biogen halted the ongoing safety study of SAGE-324 in ET and
discontinued development of SAGE-324 for ET treatment. On this
news, Sage's stock price fell $2.70
per share, or 20.64%, to close at $10.38 on July 24,
2024.
The case is Korver v. Sage Therapeutics, Inc. et al.,
Docket No. 1:2024-cv-06511 (S.D.N.Y.)
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: medelson@edelson-law.com
Email: elechtzin@edelson-law.com
Web: www.edelson-law.com
Edelson Lechtzin LLP is a leading class action law firm with
offices in Pennsylvania and
California. In addition to cases
involving securities and investment fraud, our lawyers
focus on class and collective litigation in cases alleging
violations of the federal antitrust laws, employee benefit plans
under ERISA, wage theft and unpaid overtime, consumer
fraud, and dangerous and defective drugs and medical
devices.
This press release may be considered Attorney Advertising in
some jurisdictions. No class has been certified in this case, so
you are not represented by counsel unless you retain one. You may
select counsel of your choice. You may also remain an absent class
member and do nothing at this point. Your ability to share in any
potential future recovery is not dependent upon serving as lead
plaintiff.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/sage-investor-alert-edelson-lechtzin-llp-urges-sage-therapeutics-inc-nasdaq-sage-shareholders-to-seek-legal-counsel-about-the-pending-securities-fraud-class-action-302239949.html
SOURCE Edelson Lechtzin LLP