The Sonn Law Group is Investigating Menlo Therapeutics I.P.O. Losses
Miami, FL – May 28, 2018
Sonn Law Group is investigating Menlo Therapeutics (“MNLO”) regarding its IPO, and subsequent stock sales to investors through April 9, 2018.
In January 2018, Menlo Therapeutics went public issuing over 8,000,000 shares of common stock at a public offering price of $17.00 raising over 125 million dollars. NASDAQ lists Menlo’s stock under the ticker symbol “MNLO.”
On April 8, 2018, shares in Menlo Therapeutics plunged from $35.20 on April 6, 2018 to $8.17 on April 9, 2018 after it was reported that that the drug Serlopitant failed to distinguish itself from a placebo in a pruritus study with 484 patients, flunking the primary and key secondary endpoints, in the Phase II clinical trial for patients with atopic dermatitis (AD). Serlopitant is a once-daily NK1 receptor antagonist being developed for the treatment of pruritus, or itch, associated with psoriasis and prurigo nodularis.
Jefferies LLC, Piper Jaffray & Co. and Guggenheim Securities served as the lead underwriters. Menlo’s stock price, MNLO, initially skyrocketed. However, the stock plummeted April 9, 2018 after poor test results, costing investors millions of dollars.
If you invested in Menlo Therapeutics and believe you have lost money due to misrepresentations, you may be able to file a claim to recover your losses. For a free evaluation of your potential case by a securities attorney, please contact Sonn Law Group.
Sonn Law Group is a nationally-recognized securities law firm headquartered in South Florida representing investors with their claims for losses due to securities and investment fraud. The firm has successfully recovered millions of dollars for its clients in securities arbitration and the courts. Contact Jeff Sonn to discuss your case. Call toll-free (833) StockLaw or e-mail at Jsonn@sonnlaw.com.