Pozen’s failure to win approval of its migraine drug by the U.S. Food and Drug Administration has triggered three class action law suits against the pharmaceutical firm.
Lerach Coughlin Stoia Geller Rudman & Robbins LLP in San Diego, of Schatz Nobel Izard P.C., and The Brualdi Law Firm in New York filed actions in federal court in North Carolina.
The FDA rejected Pozen’s latest attempt to win approval for Trexima on Aug.1. The company disclosed the rejection the next day.
Pozen is partnered with GlaxoSmithKline in development of Trexima. It has sought approval of the drug for two years.
The law firms allege that investors were misled by Pozen about whether the drug would meet FDA stipulations.
The FDA rejection triggered a 45 percent drop in Pozen (Nasdaq: POZN) shares.
In July, Pozen reached an undisclosed settlement in a suit triggered by the 2004 FDA rejection of its migraine drug MT100.