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MRNS.US
id: 1245
Marinus Pharmaceuticals (MRNS) Failed Clinical Trial Case
E.D. Pennsylvania
Court2:24-cv-02430
Case number03/17/2021
Class period Start05/07/2024
Class period End08/05/2024
Lead Plaintiff motion deadline- $MRNS stockholder filed a claim against Marinus Pharmaceuticals for hiding the risks and potential failure of the RAISE clinical trial.
- On April 15, 2024, on announcement of RAISE trial setback, $MRNS plummeted 82%, losing $341M+ in shareholder value.
- Marinus investors can join this case to be notified about potential recovery.
Case Details:
On April 15, 2024, Marinus Pharmaceuticals issued a press release revealing that the RAISE trial had not met early stopping criteria and also that the Company would implement cost-saving measures.
On this news, $MRNS plummeted 82% losing $341M+ in shareholder value, and continued its decline on April 16, falling 7% and losing another $5.4M+.
On May 8, 2024, Marinus announced halting RAISE and RAISE II trials, a 20% workforce reduction, and other efficiency measures.
Moreover, Fierce Biotech reported Marinus laying off 20% of staff due to Phase 3 RAISE trial struggles.
On this news, $MRNS fell 8.91% that same day.
Based on these events, $MRNS stockholder filed a claim against Marinus and its leaders, accusing them of the following:
- Marinus downplayed the risk of failing early-stopping criteria in the RAISE trial.
- They also didn't disclose that failing could stop the Phase 3 RAISE II trial.
Considering all the representations, investors suspect Marinus hid the risks and potential failure of the RAISE clinical trial.
Case Status
Lead Plaintiff Appointed
Alleged Offence
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
04/15/2024
Filing date
06/05/2024
Lead Plaintiff Deadline
08/05/2024