The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Ironwood reported results of its pivotal Phase III STARS trial of subcutaneous apraglutide on February 29, 2024. Fierce Biotech reported on the same day that, "While the study met its primary endpoint, the results failed to convince investors it can win out over Takeda's Gattex, its potential generic copies and Zealand Pharma's glepaglutide." Based on this news, shares of Ironwood fell by 37.7% in morning trading on the same day.