Investors have filed a lawsuit against DOV Pharmaceuticals, the US biotechnology firm, in the latest blow to the US biotech initial public offering market.

Slotnick, Shapiro & Crocker, a New York law firm representing investors Hillhouse Capital Management and Turnberry Asset Management, has filed a suit against DOV and its underwriters, CIBC World Markets and Lehman Brothers, for failing to inform investors of last-minute accounting changes.