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Verrica Pharmaceuticals Inc.

Company NameVerrica Pharmaceuticals Inc.
Stock SymbolVRCA
Class PeriodSeptember 16, 2019 to June 29, 2020
Lead Plaintiff Motion DeadlineSeptember 14, 2020

On June 29, 2020, Verrica disclosed receipt of a letter from the U.S. Food and Drug Administration ("FDA") regarding the Company's New Drug Application ("NDA") for VP-102 for the treatment of molluscum contagiosum. The letter identified certain deficiencies that preclude discussion of labeling and post-marketing requirements. Moreover, according to the Company, the FDA's information requests have included "a specific request related to a potential safety issue with the applicator that could arise if the instructions for use were not properly followed." 

On this news, the Company’s share price fell $3.06, or nearly 22%, to close at $11.01 per share on June 30, 2020, on unusually heavy trading volume.

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, Defendants failed to disclose to investors: (1) that the Company’s proprietary applicator used for VP-102 posed certain safety risks if the instructions were not properly followed; (2) that, as a result, Verrica would incorporate certain user features to mitigate the safety risk; (3) that the addition of the user feature would require additional testing for stability supportive data; (4) that, as a result of the foregoing, regulatory approval for VP-102 was reasonably likely to be delayed; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

 

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