NEW YORK, Dec. 14, 2018 (GLOBE NEWSWIRE) -- The following statement is being issued by Levi & Korsinsky, LLP:
To: All persons or entities who purchased or otherwise acquired securities of Menlo Therapeutics, Inc. ("Menlo" or the "Company") MNLO pursuant or traceable to the Company's Initial Public Offering closed on January 29, 2018.
You are hereby notified that a securities action has been commenced in the Superior Court of the State of California, County of San Mateo. If you purchased or otherwise acquired Menlo securities pursuant to the initial public offering, your rights may be affected by this action.
In its January 2018 IPO, Menlo issued over 8 million shares at $17 per share, raising over $136 million in gross proceeds. In its registration statement, Menlo stated that if the results of its Phase 2 clinical trials for the treatment of pruritus are promising, the company would "rapidly advance into Phase 3 clinical trials" and would use the net proceeds from the IPO to fund such trials. However, well before the IPO, data for the primary outcome measure of the Phase 2 clinical trial had already exposed serlopitant as ineffective and having little or no prospect of Phase 3 clinical trials or approval by the U.S. Federal Drug Administration.
On April 8, 2018, Menlo revealed that the data it collected before the IPO did not meet the efficacy endpoints and its drug was therefore not effective. Menlo shares currently trade at only $5.55 per share — a 67% decline from the IPO price.
If you suffered a loss in Menlo and would like additional information, contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit https://www.zlk.com/pslra-1/menlo-therapeutics-inc-loss-form.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, California, Connecticut, and Washington D.C. The firm's attorneys have extensive expertise and experience representing investors in securities litigation involving financial fraud, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
www.zlk.com
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