Zeldes Haeggquist & Eck, LLP Announces Investigation of Achillion Pharmaceuticals, Inc.

SAN DIEGO--(BUSINESS WIRE)--Zeldes Haeggquist & Eck, LLP, a shareholder and consumer rights litigation firm, has commenced an investigation into whether certain officers and directors at Achillion Pharmaceuticals, Inc. (“Achillion” or the “Company”), breached their fiduciary duties to shareholders.

Achillion (NASDAQ: ACHN) is a biopharmaceutical company that develops treatments for diseases such as HIV, hepatitis, and bacterial infections. On July 1, 2013, the Company disclosed that the FDA instituted a clinical hold on Achillion’s drug sovaprevir, due to “elevations in liver enzymes associated with significantly higher than anticipated exposures to atazanavir and sovaprevir were noted in a Phase I healthy subject drug-drug interaction study evaluating the effects of concomitant administration of sovaprevir with ritonavir-based atazanavir.” As a result of this disclosure, Achillion shares declined $2.10 per share, or over 25%.

Then, on September 27, 2013, the Company disclosed that the FDA had continued its clinical hold on sovaprevir, after “the FDA concluded that the removal of the clinical hold is not warranted.” As a result of this disclosure, Achillion shares declined $4.22 per share, or over 58%. The investigation focuses on whether the officers and directors breached their fiduciary duties to the company in connection with this clinical trial and the public statements surrounding it.

If you are an Achillion shareholder and would like additional information regarding this investigation, or if you have information regarding the matters under investigation, please contact attorney Amber L. Eck at 619-342-8000, or by email at ambere@zhlaw.com. There is no cost to you.

Zeldes Haeggquist & Eck, LLP is a full-service law firm which brings major class actions nationwide on behalf of defrauded investors and consumers and handles a variety of complex business litigation matters. Please visit www.zhlaw.com or our blog for more information about the firm.