Isis Pharmaceuticals and its top executives have been sued as part of class action litigation over allegedly misleading claims made about the company's investigational cholesterol drug Kynamro and the subsequent drop in the firm's stock price following a troubling regulatory review of the agent.

According to the lawsuit, which was filed on behalf of Isis investors, Isis and its management made “materially false and misleading statements regarding the safety and efficacy of the product, as well as reportedly positive results from Kynamro’s clinical trials.”