Block & Leviton LLP Investigates Alcobra Ltd, Its Officers and Directors for Possible Violations of the Federal Securities Laws

BOSTON, Oct. 27, 2014 /PRNewswire/ -- Shares in Alcobra Ltd ("Alcobra" or the "Company") (NASDAQ: ADHD) dropped 60% on October 6, 2014 after disclosing the results of the Phase III study of MDX (an experimental formulation of vitamin B6) which showed that the drug failed to improve ADHD symptoms compared to a placebo. 

An even greater stock drop was averted, however, when Alcobra issued a press release the same day announcing that an alternative analysis of the Phase III study showed ADHD patients were, in fact, benefitting from treatment with MDX.  Specifically, Company executives claimed that a "modified intent-to-treat" analysis of 293 patients demonstrated a statistically significant improvement in ADHD symptoms for those treated with MDX.  Dr. Yaron Daniely, Alcobra's President and Chief Executive Officer, referred to the findings from this alternative analysis as "a key milestone for Alcobra."

On October 22, 2014, Alcobra disclosed in a regulatory filing new details regarding the Phase III results which contradicted the Company's October 6 press release.  This regulatory filing omitted any mention of the 293-patient modified intent-to-treat analysis, and disclosed three new analyses of the Phase III study. The only analysis conducted consistently with Phase III protocols failed to demonstrate any benefit for MDX over placebo in ADHD patients.  The Company's shares dropped 36% in the first two trading days after the disclosure of this information.

Block & Leviton LLP is investigating the Company and certain of its officers and directors to determine whether they violated the federal securities laws by misleading investors regarding the results of the Phase III study of MDX.

If you purchased Alcobra stock on or after October 6, 2014 and have questions about your legal rights, or if you have information relevant to this investigation, please contact attorney Mark Delaney of Block & Leviton LLP at (617) 398-5600 or at [email protected].  Confidentiality to any whistleblowers or other persons with information relevant to the investigation is assured.

Block & Leviton is a Boston-based law firm representing investors for violations of securities laws.  The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 70 years.

This notice may constitute attorney advertising.       

Contact:         
BLOCK & LEVITON LLP
Mark Alan Delaney
(617) 398-5600
[email protected]

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/block--leviton-llp-investigates-alcobra-ltd-its-officers-and-directors-for-possible-violations-of-the-federal-securities-laws-547523839.html

SOURCE Block & Leviton LLP

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