The Shareholders Foundation announces that an investigation on behalf of investors of Biota Pharmaceuticals Inc (NASDAQ:BOTA) shares was launched over potential securities laws violations by Biota Pharmaceuticals and certain of its directors and officers.
Investors who purchased shares of Biota Pharmaceuticals Inc (NASDAQ:BOTA) have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Biota Pharmaceuticals Inc (NASDAQ:BOTA) concerning whether a series of statements by Biota Pharmaceuticals regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Shares of Biota Pharmaceuticals Inc (NASDAQ:BOTA) grew from $3.16 per share in June 2013 to as high as $6.98 per share in March 2014.
Then on April 29, 2014 Biota Pharmaceuticals Inc announced in a Securities and Exchange Commission (SEC) Form 8-K filing, “that it has been notified by the U.S. Department of Health and Human Services (HHS) office of the Assistant Secretary for Preparedness and Response (ASPR) and Biomedical Advanced Research and Development Authority (BARDA) that pending a decision regarding the outcome of a recently completed In Process Review (IPR) of the Company’s contract for the development of laninamivir octanoate, which the Company is developing for the treatment of influenza A and B infections in the United States through a contract with BARDA, ASPR/BARDA, has issued a Stop-Work Order notifying the Company to discontinue work on a number of activities under its contract.”
On August 1, 2014 Biota Pharmaceuticals Inc announced its experimental influenza drug failed to meet the main goal in a mid-stage study.
Biota Pharmaceuticals Inc said that as compared to placebo, neither the 40 mg or 80 mg cohort achieved a statistically significant reduction in the median time to alleviation of influenza symptoms as measured by the Flu-iiQ patient-recorded outcome questionnaire (p=0.248 and p=0.776, respectively), which was the primary endpoint of the study.
Shares of Biota Pharmaceuticals Inc (NASDAQ:BOTA) declined from almost $7 per share in March 2014 to as low as $2.29 per share on August 1, 2014.
On August 25, 2014, NASDAQ:BOTA shares closed at $2.41 per share.
Those who purchased shares of Biota Pharmaceuticals Inc (NASDAQ:BOTA) have certain options and should contact the Shareholders Foundation.
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