A shareholder class action filed in federal court in Trenton claims that a New Jersey drug company made misleading statements about prospects for regulatory approval of its lead product.
The suit names Agile Therapeutics Inc. of Princeton, chief executive Alfred Altomari and chief medical officer Elizabeth Garner as defendants, and asserts that the company gave an overly rosy prognosis concerning clinical tests of a contraceptive patch called Twirla from March 9, 2016, until Jan. 3, when unfavorable test results were announced. On the next day, the company’s stock dropped nearly 50 percent, from $5 to $2.63 per share.
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