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Bragar Eagel & Squire is Investigating Certain Officers and Directors of Acer Therapeutics, Mammoth Energy, ProPetro, and Eldorado Resorts and Encourages Investors to Contact the Firm

2019-12-05 12:51 ET - News Release

NEW YORK, Dec. 05, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, is investigating certain officers and directors of Acer Therapeutics, Inc. (NASDAQ: ACER), Mammoth Energy Services, Inc. (NASDAQ: TUSK), ProPetro Holding Corp. (NYSE: PUMP), and Eldorado Resorts, Inc. (NYSE: ERI) on behalf of long-term stockholders.  More information about each potential case can be found at the link provided.

Acer Therapeutics, Inc. (NASDAQ: ACER)

Bragar Eagel and Squire is investigating certain officers and directors of Acer Therapeutics, Inc. following a class action complaint that was filed against Acer on August 30, 2019.

The complaint alleges that on September 19, 2017, Acer announced that it had closed a merger with Opexa Therapeutics, Inc. ("Opexa"), whereby Acer survived as a wholly-owned subsidiary of Opexa (the "Opexa Merger").

Following the Opexa Merger, Opexa changed its name to Acer Therapeutics, Inc. and Private Acer's management took control of the combined company. Immediately prior to the Opexa Merger, Opexa's Board of Directors and Neil K. Warma ("Warma"), Opexa's then-President, Chief Executive Officer ("CEO"), Acting Chief Financial Officer, and Secretary, resigned. On September 21, 2017, Acer began trading on the NASDAQ under the ticker symbol "ACER." On December 26, 2018, Acer announced that the U.S. Food and Drug Administration ("FDA") had accepted the Company's NDA for EDSIVO for the treatment of vEDS in patients with a confirmed type III collagen mutation, as well as the FDA's grant of priority review of the NDA and an assigned Prescription Drug User Fee Act ("PDUFA") target action date of June 25, 2019.

The complaint further alleges that throughout the class period, defendants made materially false and misleading statements regarding the Company's business, operational, and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Acer lacked sufficient data to support filing EDSIVO's NDA with the FDA for the treatment of vEDS; (ii) the Ong Trial was an inadequate and ill-controlled clinical study by FDA standards, and was comprised of an insufficiently small group size to support EDSIVO's NDA; (iii) consequently, the FDA would likely reject EDSIVO's NDA; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times. On June 25, 2019, Acer issued a press release titled "Acer Therapeutics Receives Complete Response Letter from U.S. FDA for use of EDSIVO (celiprolol) in vEDS" Patients (the "June 2019 Press Release"). In the June 2019 Press Release, Acer disclosed receipt of a Complete Response Letter ("CRL") from the FDA regarding its NDA for EDSIVO for the treatment of vEDS. Acer advised investors that "[t]he CRL states that it will be necessary to conduct an adequate and well-controlled trial to determine whether celiprolol reduces the risk of clinical events in patients with vEDS" and that "Acer plans to request a meeting to discuss the FDA's response." That same day, news sources reported that the small group size of the Ong Trial had raised questions among experts about the adequacy of EDSIVO's trial results.

Following this news, Acer's stock price fell $15.16 per share, or 78.63%, to close at $4.12 per share on June 25, 2019.

For more information on our investigation into Acer go to: https://bespc.com/acer-2

Mammoth Energy Services, Inc. (NASDAQ: TUSK)

Bragar Eagel and Squire is investigating certain officers and directors of Mammoth Energy Services, Inc. following a class action complaint that was filed against Mammoth Energy on June 7, 2019.

The complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Mammoth’s subsidiary, Cobra, improperly obtained two infrastructure contracts with PREPA that totaled over $1.8 billion; (2) specifically, the contracts were awarded as the result of improper steering and not a competitive RFP process; and (3) as a result, defendants statements about Mammoth’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

For more information on our investigation into Mammoth, go to: https://bespc.com/TUSK

ProPetro Holding Corp. (NYSE: PUMP)

Bragar Eagel and Squire is investigating certain officers and directors of ProPetro Holding Corp. following a class action complaint that was filed against ProPetro on September 16, 2019.

The complaint alleges that throughout the Class Period defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that the company’s executive officers were improperly reimbursed for certain expenses; (2) that the company had engaged in certain undisclosed transactions with related parties; (3) that the company lacked adequate disclosure controls and procedures; (4) that the company lacked effective internal control over financial reporting; and (5) that, as a result of the foregoing, defendants’ positive statements about the company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

For more information on our investigation into ProPetro go to: https://bespc.com/pump

Eldorado Resorts, Inc. (NYSE: ERI)

Bragar Eagel and Squire is investigating certain officers and directors of Eldorado Resorts, Inc. following a class action complaint that was filed against Eldorado Resorts on September 23, 2019.

The complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) several of the company’s executive officers, including CEO Thomas Reeg, engaged in improper trading with respect to the securities of another publicly-traded company; and (2) as a result, defendants’ statements about Eldorado’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

For more information on our investigation into Eldorado Resorts go to: https://bespc.com/eri

About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com.  Attorney advertising.  Prior results do not guarantee similar outcomes. 

Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com

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