NEW YORK, Feb. 10, 2022 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Fennec Pharmaceuticals Inc. (“Fennec” or the “Company”) (NASDAQ: FENC) in the United States District Court for the Middle District of North Carolina on behalf of investors who purchased Fennec’s common stock between May 28, 2021 and November 26, 2021, both dates inclusive (the “Class Period”).
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company had not successfully remediated, and overstated its efforts to remediate, issues with the manufacturing facility of its drug product manufacturer for PEDMARK; (2) as a result, the FDA was unlikely to approve the Resubmitted Pedmark NDA; (3) accordingly, the regulatory and commercial prospects of the Resubmitted Pedmark NDA were overstated; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On November 29, 2021, the Company issued a press release “announc[ing] that it expects to receive a [CRL] after the PDUFA [Prescription Drug User Fee Act] target action date of November 27, 2021 from the [FDA] regarding its [Resubmitted Pedmark NDA].” Specifically, Fennec advised investors that “[t]he FDA has indicated that, following a recent completion of a pre-approval inspection of the manufacturing facility of our drug product manufacturer, deficiencies have been identified[,]” and that “[o]nce the official CRL is received, the Company plans to request a Type A meeting to discuss the deficiencies and steps required for the resubmission of the NDA for PEDMARKTM.”
On this news, the Company’s common share price fell $4.86 per share, or 50.41%, to close at $4.78 per share on November 29, 2021.
Investors who purchased or otherwise acquired shares of Fennec should contact the Firm prior to the April 11, 2022 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
