Shareholder Investigation of Tetraphase Pharmaceuticals, Inc.
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Tetraphase Pharmaceuticals, Inc. (TTPH) Accused of Misrepresenting Enrollment for Its Drug Trial
According to the complaint against the company’s officers and directors for alleged violations of the Securities Exchange Act of 1934 and the Securities Act of 1933, Tetraphase Pharmaceuticals, Inc. (TTPH) reported that enrollment was progressing well for the company’s IGNITE3 trial. However, in reality Tetraphase increased the patient enrollment in its IGNITE3 trial from 1,000 patients to 1,200 patients because the existing population was inadequate to meet the trial’s primary endpoints. On February 13, 2018, Tetraphase announced top-line results from its IGNITE3 trial for the treatment of patients with complicated urinary tract infections, revealing that eravacycline did not achieve co-primary endpoints. The news caused Tetraphase’s stock to fall over 60%, closing at only $2.15 per share on February 14, 2018. The stock now trades at just $0.72.