According to the lawsuit, defendants provided investors with material information concerning their expected results for the Phase 3 Orbit and COSMIC studies for setrusumab in Osteogenesis Imperfecta (OI). Defendants’ statements included, among other things, confidence in setrusumab’s ability to ultimately reduce the annualized fracture rates of the tested patients and in the study itself to put setrusumab in an opportunity to succeed in reaching statistical significance of this key endpoint.
The defendants, the lawsuit claims, provided these positive statements to investors while, at the same time, disseminating false and materially misleading statements and/or concealing material adverse facts concerning the true state of the Phase 3 ORBIT and COSMIC programs; neither of which hit their primary endpoints of reducing annualized clinical fracture rate compared to the placebo or bisphosphonate control groups, respectively. Such statements absent these material facts caused investors to purchase Mereo’s ADSs at artificially inflated prices.
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