SAN DIEGO, Aug. 29, 2024 (GLOBE NEWSWIRE) — Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Sage Therapeutics, Inc. (NASDAQ: SAGE) securities between April 12, 2021 and July 23, 2024, inclusive (the “Class Period”), have until October 28, 2024 to seek appointment as lead plaintiff of the Sage Therapeutics class action lawsuit. Captioned Korver v. Sage Therapeutics, Inc., No. 24-cv-06511 (S.D.N.Y.), the Sage Therapeutics class action lawsuit charges Sage Therapeutics and certain of Sage Therapeutics’ top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Sage Therapeutics class action lawsuit, please provide your information here:
https://www.rgrdlaw.com/cases-sage-therapeutics-inc-class-action-lawsuit-sage.html
You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com.
CASE ALLEGATIONS: Sage Therapeutics is a biopharmaceutical company that develops and commercializes brain health medicines. According to the Sage Therapeutics class action lawsuit, Sage Therapeutics is developing, among other things, zuranolone (SAGE-217/BIIB125), a neuroactive steroid for the treatment of postpartum depression (“PPD”) and major depressive disorder (“MDD”), in collaboration with Biogen Inc.; SAGE-718 (dalzanemdor), an oral, oxysterol-based positive allosteric modulator of the N-methyl-D-aspartate receptor for the treatment of, among other things, mild cognitive impairment (“MCI”) due to Parkinson’s Disease (“PD”); and SAGE-324 (BIIB124), an oral investigational drug for the treatment of essential tremor (“ET”), also in collaboration with Biogen.
The Sage Therapeutics class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) zuranolone was less effective in treating MDD than defendants had led investors to believe; (ii) accordingly, the U.S. Food and Drug Administration (“FDA”) was unlikely to approve the zuranolone New Drug Application (“NDA”) for the treatment of MDD in its present form, and zuranolone’s clinical results for MDD, as well as its overall regulatory and commercial prospects, were overstated; (iii) dalzanemdor was less effective in treating MCI due to PD than defendants had led investors to believe; (iv) accordingly, dalzanemdor’s clinical, regulatory, and commercial prospects as a treatment for MCI due to PD were overstated; (v) SAGE-324 was less effective in treating ET than defendants had led investors to believe; and (vi) accordingly, SAGE-324’s clinical, regulatory, and commercial prospects as a treatment for ET were overstated.
The Sage Therapeutics class action lawsuit further alleges that on August 4, 2023, Sage Therapeutics disclosed that the FDA had only approved the zuranolone NDA insofar as it sought zuranolone as a treatment for adults with PPD and had “issued a Complete Response Letter (CRL) for the [NDA] for zuranolone in the treatment of adults with [MDD]” because “the application did not provide substantial evidence of effectiveness to support the approval of zuranolone for the treatment of MDD,” advising that “an additional study or studies will be needed” for that additional indication. On this news, the price of Sage Therapeutics stock fell nearly 54%, according to the complaint.
Then, on April 17, 2024, the Sage Therapeutics class action lawsuit further alleges that Sage Therapeutics disclosed that a Phase 2 study of dalzanemdor as a treatment for MCI due to PD “did not meet its primary endpoint of demonstrating statistically significant difference from baseline in participants treated with once-daily dalzanemdor [SAGE-718] versus placebo on the Wechsler Adult Intelligence Scale Fourth Edition-IV (WAIS-IV) Coding Test score at Day 42,” and that “[b]ased on the data, [Sage Therapeutics] does not plan any further development of dalzanemdor (SAGE-718) in PD.” On this news, the price of Sage Therapeutics stock fell nearly 20%, according to the complaint.
Finally, on July 24, 2024, Sage Therapeutics disclosed that a Phase 2 study of SAGE-324 as a treatment for ET “did not demonstrate a statistically significant dose-response relationship in change from baseline to Day 91 based on the primary endpoint, The Essential Tremor Rating Assessment Scale (TETRAS) Performance Subscale (PS) Item 4 (upper limb) total score, in participants with ET”; that “there were no statistically significant differences demonstrated for any dose of SAGE-324 versus placebo in the change from baseline to Day 91 on the TETRAS PS Item 4 Total Score or the TETRAS Activities of Daily Living (ADL) Composite Score”; and that “[g]iven these results, Sage and Biogen will close the ongoing open label safety study of SAGE-324 in ET and do not plan to conduct further clinical development of SAGE-324 in ET.” According to the Sage Therapeutics class action lawsuit, on this news, the price of Sage Therapeutics stock fell nearly 21%.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Sage Therapeutics securities during the Class Period to seek appointment as lead plaintiff in the Sage Therapeutics class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Sage Therapeutics class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Sage Therapeutics class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Sage Therapeutics class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
https://www.rgrdlaw.com/services-litigation-securities-fraud.html
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Contact:
Robbins Geller Rudman & Dowd LLP
J.C. Sanchez, Jennifer N. Caringal
655 W. Broadway, Suite 1900, San Diego, CA 92101
800-449-4900
info@rgrdlaw.com
