|Company Name||Veru Inc.|
|Class Period||May 11, 2022 to November 09, 2022|
|Lead Plaintiff Motion Deadline||February 06, 2023|
On November 9, 2022, the Pulmonary-Allergy Drugs Advisory Committee of the FDA voted against Veru’s Emergency Use Authorization (“EUA”) for its COVID-19 treatment, sabizabulin, explaining that there was “no direct evidence to support [sabizabulin’s] antiviral activity.”
On this news, Veru’s stock price fell $8.04, or 53.6%, to close at $6.97 per share on November 10, 2022, 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, Defendants: (1) misled its shareholders to believe that the data from the Phase 3 trial was sufficient to support EUA and even the submission of a New Drug Application without any further studies; (2) concealed the true risks faced by the Company in gaining approval for its EUA request; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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