NEW YORK, NY / ACCESSWIRE / August 14, 2022 / Pomerantz LLP is investigating claims on behalf of investors of Phathom Pharmaceuticals, Inc. ("Phathom" or the "Company") (NASDAQ: PHAT). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Phathom and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or around October 24, 2019, Phathom conducted its initial public offering ("IPO"), selling almost 11 million shares of common stock priced at $19.00 per share. Then, on August 2, 2022, Phathom issued a press release announcing its financial results for the second quarter of 2022 and providing a business update. The Company reported GAAP earnings per share of -$1.33, missing consensus estimates by $0.30. Phathom also advised investors of "a delay of the planned VOQUEZNA DUAL PAK and VOQUEZNA TRIPLE PAK product launches" after "tests revealed trace levels of a nitrosamine impurity" in the product.
On this news, Phathom's stock price fell $2.61 per share, or 28.78%, to close at $6.46 per share on August 2, 2022.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
SOURCE: Pomerantz LLP