Market Newsdesk

SAN FRANCISCO, Nov. 22, 2020 (GLOBE NEWSWIRE) — SumOfUs, a global consumer advocacy organization and online community with nearly 17 million members worldwide, gathered outside Mark Zuckerberg’s home in San Francisco, dressed in costume with props, to demand Facebook stop the rampant spread of disinformation on its platform.

“This past election was clear evidence that Facebook has become a gigantic trash heap of disinformation and it’s way past time for it to clean up its act,” said Emma Ruby-Sachs, executive director of SumOfUs. “Mark Zuckerberg knows he’s not doing nearly enough. He’ll keep doing the bare minimum and continue to line his pockets with profits until we hold him accountable for the destruction he’s doing to our very democracy.”

SumOfUs has been relentless in putting pressure on the mjor social media platforms to fightagainst disinformation rather than be complicit in its spread. As part of the day’s events, the group delivered a recent petition to Zuckerberg signed by over 52,000 supporters demanding that tech giants like Facebook, Google, YouTube and Twitter rework their algorithms to stop pushing users to extreme content that is littered with disinformation, hate speech, and lies.

SumOfUs was joined by a coalition of activists including Global Exchange, Media Alliance, Protest Facebook Coalition, CodePink Golden Gate, Diablo Rising Tide, Indivisible SF Peninsula and CA-14, MediaJustice, Raging Grannies Action League, Resistance SF, San Francisco Green Party and others in a wider protest against the platform.

Photos and Videos from the event:
https://www.flickr.com/photos/sumofus/albums/72157716986503292

For more information or to arrange an interview with a SumOfUs spokesperson, please contact Rewan Al-Haddad: [email protected]

About
SumOfUs
SumOfUS is an advocacy nonprofit organization and online community with nearly 17 million members worldwide. We combine and amplify consumers’ voices to make sure regulators and corporations around the world hear them. Together, our community of millions act as a global consumer watchdog – running and winning campaigns to hold the biggest companies in the world accountable. More information can be found at www.SumOfUs.org.

A Media Snippet accompanying this announcement is available by clicking on the image or link below:

UntitledProtest Outside Mark Zuckerberg’s Home to Demand Facebook Clean Up Its Act: SumOfUs Demands Platform Stop Destroying Democracy with Disinformation Spread

NEW YORK, Nov. 22, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against certain officers of Garrett Motion Inc.  (“Garrett” or the “Company”) (NYSE: GTX; OCTMKTS: GTXMQ).   The class action, filed in United States District Court for the Southern District of New York, and docketed under 20-cv-09279, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired Garrett securities between October 1, 2018 and September 18, 2020, inclusive (the “Class Period”).  Plaintiff pursues claims against the Defendants under the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased Garrett securities during the class period, you have until November 24, 2020, to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action]

Garrett designs, manufactures, and sells turbocharger, electric-boosting, and connected vehicle technologies for original equipment manufacturers and the aftermarket.  In October 2018, the Company formed as a spin-off of the Transportation Systems business of Honeywell International Inc. (“Honeywell”).

The complaint 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 that: (i) because of Garrett’s agreement to indemnify and reimburse Honeywell for certain asbestos-related liability, the Company was saddled with an unsustainable level of debt; (ii) as a result, Garrett had a highly leveraged capital structure that posed significant challenges to its overall strategic and financial flexibility; (iii) as a result of the foregoing, Garrett’s ability to gain or hold market share was impaired; (iv) as a result of the foregoing, the Company was reasonably likely to seek bankruptcy protection; and (v) 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.

On August 26, 2020, before the market opened, the Company disclosed that its “leveraged capital structure poses significant challenges to its overall strategic and financial flexibility and may impair its ability to gain or hold market share in the highly competitive automotive supply market, thereby putting Garrett at a meaningful disadvantage relative to its peers.”  Garrett further stated that its “high leverage is exacerbated by significant claims asserted by Honeywell against certain Garrett subsidiaries under the disputed subordinated asbestos indemnity and the tax matters agreement.”

On this news, Garrett’s stock price fell $3.04 per share, or over 44%, to close at $3.84 per share on August 26, 2020, thereby damaging investors.

On Sunday, September 20, 2020, Garrett announced that it had filed for Chapter 11 bankruptcy.

On Monday, September 21, 2020, the New York Stock Exchange (“NYSE”) announced that it would commence proceedings to delist Garrett’s stock from the NYSE after the Company’s disclosure that it had filed for bankruptcy.

On this news, Garrett’s stock began trading over-the-counter and closed at $1.76 per share on September 22, 2020, and over 12% decline from the closing price on September 18, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

NEW YORK, Nov. 22, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Loop Industries, Inc. (“Loop” or the “Company”) (NASDAQ: LOOP).   Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether Loop and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On October 13, 2020, Hindenburg Research (“Hindenburg”) published a report entitled “Loop Industries: Former Employees and Plastics Experts Blow The Whistle On This ‘Recycled’ Smoke And Mirrors Show”.  Citing a months-long investigation that “included speaking with multiple former employees, company partners, polymer/plastic experts, and competitors,” the Hindenburg report characterized Loop’s “claimed breakthroughs in PET [polyethylene terephthalate] plastic recycling” as “fiction”.  The Hindenburg Report described former employees as “paint[ing] a picture of a chaotic company whose lead scientists are twenty-something ‘liars’ with no relevant work experience other than Loop” and asserted that “[o]ur  investigation points to one conclusion: in the words of a former Loop employee, we simply ‘don’t really think they have the technology.’” 

On this news, Loop’s stock price fell sharply during intraday trading on October 13, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

NEW YORK, Nov. 22, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against certain officers of Celsion Corporation (“Celsion” or the “Company”) (NASDAQ: CLSN).   The class action, filed in United States District Court for the District of New Jersey, and docketed under 20-cv-015228, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise, acquired Celsion securities between November 2, 2015 and July 10, 2020, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

If you are a shareholder who purchased Celsion securities during the class period, you have until December 28, 2020, to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action]

Celsion is an integrated development clinical stage oncology drug company that focuses on the development and commercialization of directed chemotherapies, DNA-mediated immunotherapy, and RNA-based therapies for the treatment of cancer.

Celsion’s lead product candidate is ThermoDox, a heat-activated liposomal encapsulation of doxorubicin that is in Phase III clinical development for treating primary liver cancer.

In February 2014, Celsion announced that the U.S. Food and Drug Administration (“FDA”) had reviewed and provided clearance for the Company’s planned pivotal, double-blind, placebo-controlled Phase III trial of ThermoDox in combination with radio frequency ablation (“RFA”) in primary liver cancer, also known as hepatocellular carcinoma (“HCC”), called the “OPTIMA Study.” The trial design was purportedly based on a comprehensive analysis of data from the Company’s Phase III HEAT Study, which purportedly demonstrated that treatment with ThermoDox resulted in a 55% improvement in overall survival (“OS”) in a substantial number of HCC patients that received an optimized RFA treatment.  

The OPTIMA Study was expected to enroll 550 patients globally, with up to 100 sites in the U.S., Europe, China and Asia Pacific, to evaluate ThermoDox in combination with RFA. The primary endpoint for the trial was OS, and the statistical plan called for two interim efficacy analyses by an independent Data Monitoring Committee (“DMC”).

The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading because they misrepresented and failed to disclose the following adverse facts pertaining to the Company’s business, operations, and prospects, which were known to Defendants or recklessly disregarded by them. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Defendants had significantly overstated the efficacy of ThermoDox; (ii) the foregoing significantly diminished the approval and commercialization prospects for ThermoDox; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On July 13, 2020, Celsion announced that “it ha[d] received a recommendation from the independent [DMC] to consider stopping the global Phase III OPTIMA Study of ThermoDox® in combination with [RFA] for the treatment of [HCC], or primary liver cancer.” According to the Company, “[t]he recommendation was made following the second pre-planned interim safety and efficacy analysis by the DMC on July 9, 2020,” which “found that the pre-specified boundary for stopping the trial for futility of 0.900 was crossed with an actual value of 0.903.”

On this news, Celsion’s stock price fell $2.29 per share, or 63.97%, to close at $1.29 per share on July 13, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

NEW YORK, Nov. 22, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Yalla Group Limited (“Yalla or the “Company”) (NYSE: YALA).   Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether Yalla and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On or around September 30, 2020, Yalla conducted its initial public offering (“IPO”), issuing 18.6 million American depositary shares (“ADSs”) priced at $7.50 per ADS.  Then, on November 9, 2020, post-market, Yalla issued a press release announcing its unaudited financial results for the third quarter of 2020.  Among other results, Yalla reported GAAP EPS of -$0.43, and costs and expenses of “$US64.7 million . . . compared with US$8.6 million in the same period last year.”  Yalla stated that “[t]he increase was primarily due to the recognition of share-based compensation of US$46.5 million upon our listing on the New York Stock Exchange on September 30, 2020.  We granted a substantial amount of share options before the IPO but did not recognize any share-based compensation in prior periods because the exercisability of the options granted was conditional upon the completion of our IPO. Upon our listing on the NYSE, we immediately recognized a substantial amount of share-based compensation expenses associated with all outstanding options that were vested as of September 30, 2020.” 

On this news, Yalla’s ADS price fell $2.01 per ADS, or 17.43%, to close at $9.52 per ADS on November 10, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

NEW YORK, Nov. 22, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of MultiPlan Corporation (“MultiPlan or the “Company”) (NYSE: MPLN).   Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether MultiPlan and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On November 11, 2020, Muddy Waters Research (“Muddy Waters”) released a report entitled “MultiPlan: Private Equity Necrophilia Meets The Great 2020 Money Grab.”  Among other issues, the Muddy Waters report asserted that MultiPlan is “in financial decline, and its financial statements were engineered to obscure this existing deterioration” and that the Company “is in the process of losing its largest client, UnitedHealthcare (‘UHC’),” which “has formed a competitor to MultiPlan that offers significantly lower prices and fewer conflicts of interest.” 

On this news, MultiPlan’s stock price fell $1.72 per share, or 19.7%, to close at $7.01 per share on November 11, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

NEW YORK, Nov. 22, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against certain officers of Evolus, Inc.  (“Evolus” or the “Company”) (NASDAQ: EOLS).   The class action, filed in United States District Court for the Southern District of New York, and docketed under 20-cv-09053, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise, acquired Evolus securities between February 1, 2019 and July 6, 2020, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violation of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

If you are a shareholder who purchased Evolus securities during the class period, you have until December 15, 2020, to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action]

Evolus is a Delaware corporation headquartered in Newport Beach, California. The Company operates as a medical aesthetics company, and develops, produces, and markets clinical neurotoxins for the treatment of aesthetic concerns. Evolus’ sole product is Jeuveau™, which is a purified botulinum toxin indicated for the temporary improvement in the appearance of moderate to severe frown lines in adults. As such, Evolus directly competes with Botox®, which is manufactured by Allergan plc and Allergan Inc. (“Allergan”) and distributed by Medytox Inc. (“Medytox”). Botox® has been the gold standard of the industry since its approval by the U.S. Food and Drug Administration (“FDA”) more than two decades ago.

Beginning in February 2019, Evolus embarked on a public campaign to hype the market right before the commercial launch of its sole leading product Jeuveau™. To secure an aggressive growth and rapid influx of revenue, Defendants disseminated dozens of public statements in which they promoted Jeuveau™ as a proprietary formulation of the botulinum toxic type A complex, purportedly developed by Korean bioengineering company Daewoong through years of clinical research and millions of dollars’ worth of investment in research and development. Among other things, Evolus promised investors that it would attain the number two U.S. market position within twenty-four months of launch.

The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading because they misrepresented and failed to disclose the following adverse facts pertaining to the Company’s business, operations, and prospects, which were known to Defendants or recklessly disregarded by them. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the real source of botulinum toxin bacterial strain as well as the manufacturing processes used to develop Jeuveau™ originated with and were misappropriated from Medytox; (ii) sufficient evidentiary support existed for the allegations that Evolus misappropriated certain trade secrets relating to the botulin toxin strain and the manufacturing processes for the development of Jeuveau™; (iii) as a result, Evolus faced a real threat of regulatory and/or court action, prohibiting the import, marketing, and sale of Jeuveau™; which in turn (iv) seriously threatened Evolus’ ability to commercialize Jeuveau™ in the U.S. and generate revenue; and (v) any revenues generated from the sale of Jeuveau™ were based on Evolus’ unlawful activities, including the misappropriation of trade secrets and secret manufacturing processes belonging to Allergan and Medytox.

The investing public learned the truth about Jeuveau™ on July 6, 2020, when the U.S. International Trade Commission (“ITC”) issued its Initial Final Determination in a case brought by Allergan and Medytox against Evolus, alleging that Evolus stole certain trade secrets to develop Jeuveau™. Coming as a great surprise to unsuspecting investors, the ITC Judge found that Evolus misappropriated the botulinum toxin strain as well as the manufacturing processes that led to its development and manufacture. Additionally, the ITC Judge recommended a ten-year-long ban on Evolus’ ability to import Jeuveau™ into the U.S. and a ten-year-long cease-and-desist order preventing Evolus from selling Jeuveau™ in the U.S.

This news caused a precipitous and immediate decline in the price of Evolus shares, which fell 37% over the course of two trading days, to close at $3.35 per share on July 8, 2020, on unusually high trading volume. Following the news of the ITC’s Initial Final Determination and the subsequent price drop of Evolus’ common shares, several securities analysts downgraded Evolus’ rating and significantly lowered the Company’s price target.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

NEW YORK, Nov. 22, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Pintec Technology Holdings Limited (“Pintec” or the “Company”) (NASDAQ: PT).   Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether Pintec and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

In October 2018, Pintec completed its initial public offering (“IPO”), selling more than 3.7 million American Depositary Shares (“ADSs”) priced at $11.88 per share.  On July 30, 2019, after the market closed, the Company filed its fiscal 2018 annual report, in which it restated previously disclosed financial results.  Among other things, the Company reported net income of $315,000 for fiscal 2018, compared to its prior disclosure of $1.068 million net income.  

Pintec also disclosed that there were material weaknesses in its internal control over financial reporting related to cash advances outside the normal course of business to Jimu Group, a related party, and to a non-routine loan financing transaction with a third-party entity, Plutux Labs.  On this news, Pintec’s ADS price fell $0.53 per share, or more than 13%, over the following trading sessions, to close at $3.40 per share on August 5, 2019. 

Then, on June 15, 2020, Pintec disclosed that it could not timely file its fiscal 2019 annual report and that it anticipated reporting a significant change in results of operations.  Specifically, the Company disclosed that it “erroneously recorded revenue earned from certain technical service fee on a net basis” for fiscal 2017 and 2018.  Moreover, Pintec “announced a net loss of RMB906.5 million in the full year of 2019 due to RMB890.7 million of provision for credit loss in amounts due from a related party, Jimu Group, and RMB200 million of impairment in prepayment for long-term investment.”  Since the IPO, Pintec’s ADSs have closed as low as $0.47 per share, representing a decline of more than 96% from the IPO price.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

NEW YORK, Nov. 22, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Supernus Pharmaceuticals, Inc. (“Supernus or the “Company”) (NASDAQ: SUPN).   Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether Supernus and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On November 9, 2020, post-market, Supernus disclosed receipt of a complete response letter (“CRL”) from the U.S. Food and Drug Administration (“FDA”) regarding its new drug application (“NDA”) for SPN-812 for the treatment of ADHD in pediatric patients aged 6-17 years old.  Specifically, the FDA’s CRL “indicate[d] that the review cycle for the application is complete and that the application is not ready for approval in its present form,” and that “[t]he primary issue cited in the SPN-812 CRL relates to the Company’s in-house laboratory that conducts analytical testing, which recently moved to a new location.” 

On this news, Supernus’s stock price fell $3.88 per share, or 15.53%, to close at $21.08 per share on November 10, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980