BELLUS Health Inc.
|Company Name||BELLUS Health Inc.|
|Class Period||September 05, 2019 to July 05, 2020|
|Lead Plaintiff Motion Deadline||May 17, 2021|
BELLUS is a clinical-stage biopharmaceutical company whose lead product is BLU-5937, which is being developed for the treatment of chronic cough and other afferent hypersensitization-related disorders.
On July 6, 2020, before the market opened, BELLUS announced topline results from its Phase 2 RELIEF trial of BLUE-5937 in patients with refractory chronic cough. According to the Company, the trial “did not achieve statistical significance for the primary endpoint of reduction in placebo-adjusted cough frequency at any dose tested.”
On this news, the Company’s stock price fell $9.05, or 75%, over two consecutive trading sessions to close at $2.97 on July 8, 2020, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the complaint alleges that Defendants knew, but failed to disclose, that while BLU-5937’s “high selectivity” contributed to the drug causing little to no taste alteration in chronic cough patients, that high selectivity also contributed to the drug potentially being less efficacious and thus likely not be able to meet the primary endpoint of the Company’s Phase 2 trial.
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