AEterna Zentaris Inc. (NASDAQ:AEZS) continues to move lower and extending its week long correction.
As of 10:00, AEZS stock fell 2 cents or 2.15% to $0.895 with more than 432K shares, compared to its average volume of 6.64 million shares. The stock has moved within a range of $0.8800 – 0.9200 after opening the trade at $0.9175.
Aeterna Zentaris Announces Final Settlement of Previously Disclosed Class-Action Lawsuit
- announced the U.S. District Court for the District of New Jersey has given final approval of the settlement from the previously disclosed class-action lawsuit against the Company. The settlement payment will be funded entirely by the Company’s insurers. Pending no action taken during the 30-day appeal period, this matter will be considered fully and finally settled.
- The previously disclosed class-action lawsuit alleged that the Company and certain of its current and former officers and directors violated the Securities Exchange Act of 1934 in connection with certain public statements made between August 30, 2011, and November 6, 2014, regarding the safety and efficacy of Macrilen™ (macimorelin) and the prospects for the approval of the Company’s New Drug Application for the product by the FDA. Although Aeterna denies all of the alleged claims and all liability, it agrees that the settlement is appropriate to resolve the disputes, avoid further costs of litigation and avoid further distractions to management.