SAN FRANCISCO, CA / ACCESSWIRE / February 1, 2023 / Hagens Berman urges Veru Inc. (NASDAQ:VERU) investors with significant losses to submit your losses now.
Class Period: May 11, 2022 - Nov. 9, 2022
Lead Plaintiff Deadline: Feb. 6, 2023
Contact An Attorney Now: [email protected]
Veru Inc. (NASDAQ:VERU) Securities Fraud Class Action:
The complaint alleges that throughout the Class Period, Defendants misrepresented and concealed material adverse facts about the data from the Phase 3 trial and the Company's interactions with the FDA concerning sabizabulin (VERU-111), its orally administered COVID 19 drug intended to treat hospitalized patients at high risk for acute respiratory distress syndrome.
Specifically, Veru misled investors into believing that the data from the Phase 3 trial was sufficient to support Emergency Use Authorization ("EUA") and even the submission of a New Drug Application ("NDA") without any further studies. VERU's filings therefore concealed the true risks faced by the Company in gaining approval for its EUA request.
Investors learned the truth on Nov. 9, 2022, when Veru announced that the FDA advisory committee ("AdCom") voted against approving sabizabulin under the agency's EUA pathway. Separately, AdCom's briefing document highlighted "several uncertainties in the data that may impact the clinical interpretation of the efficacy results."
This news sent the price of Veru shares crashing 53% lower in a single trading day.
"We're focused on investors' losses and proving Veru misled investors about the sufficiency of data it submitted in support of its sabizabulin EUA and about its communications with the FDA," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Veru and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Veru should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
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Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP