A class action complaint filed against Pozen is “completely without merit,” the pharmaceutical firm said in a filing with the Securities and Exchange Commission.
Pozen was reacting to action taken by law firms who have announced plans for a class action lawsuit against Pozen after the Food and Drug Administration rejected Pozen’s proposed migraine drug called Trexima.
The FDA rejection announced on Aug. 2 led to a sell-off of Pozen (Nasdaq: POZN) stock.
“Although Pozen has not yet been served with the summons and complaint in the action, the Company has received notice of the filing,” Pozen said in the filing on Tuesday. “Pozen and the individual defendants believe that the plaintiffs’ allegations are completely without merit, and they intend to defend these claims vigorously.
“It is possible that additional complaints containing similar claims may be made by other plaintiffs,” Pozen added. “As is typical in these types of claims, it is likely that all such cases will be consolidated into a single action.”
Lerach Coughlin Stoia Geller Rudman & Robbins LLP in San Diego, of Schatz Nobel Izard P.C., and The Brualdi Law Firm in New York have stated plans to sue.
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.
In July, Pozen reached an undisclosed settlement in a suit triggered by the 2004 FDA rejection of its migraine drug MT100.