{"id":398616,"date":"2020-12-12T23:11:56","date_gmt":"2020-12-13T04:11:56","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=398616"},"modified":"2020-12-12T23:11:56","modified_gmt":"2020-12-13T04:11:56","slug":"shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-fortress-biotech-inc-of-class-action-lawsuit-and-upcoming-deadline-fbio-2","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-fortress-biotech-inc-of-class-action-lawsuit-and-upcoming-deadline-fbio-2\/","title":{"rendered":"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Fortress Biotech, Inc. of Class Action Lawsuit and Upcoming Deadline \u2013 FBIO"},"content":{"rendered":"
\n

NEW YORK, Dec. 12, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Fortress Biotech, Inc. \u00a0(\u201cFortress\u201d or the \u201cCompany\u201d) (NASDAQ: FBIO) and certain of its officers.\u00a0\u00a0 The class action, filed in United States District Court for the Eastern District of New York, and docketed under 20-cv-05767, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Fortress securities between December 11, 2019 and October 9, 2020, both dates inclusive (the \u201cClass Period\u201d), seeking to recover damages caused by Defendants\u2019 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 \u201cExchange Act\u201d) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.<\/p>\n

If you are a shareholder who purchased Fortress securities during the class period, you have until January 26, 2021 to ask the Court to appoint you as Lead Plaintiff for the class.\u00a0 A copy of the Complaint can be obtained at www.pomerantzlaw.com<\/u><\/a>. \u00a0 To discuss this action, contact Robert S. Willoughby at newaction@pomlaw.com<\/u><\/a> 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.\u00a0<\/p>\n

\n
\n
\n [Click here for information about joining the class action]<\/u>
\n <\/strong>
\n <\/a>\n <\/p>\n

Fortress develops and commercializes pharmaceutical and biotechnology products.\u00a0 In December 2019, the Company\u2019s majority-controlled subsidiary, Avenue Therapeutics, Inc. (\u201cAvenue\u201d), which Fortress founded in 2015, submitted a New Drug Application (\u201cNDA\u201d) for its intravenous (\u201cIV\u201d) Tramadol product to the U.S. Food and Drug Administration (\u201cFDA\u201d) for the management of moderate to moderately severe pain in adults in a medically supervised health care setting.<\/p>\n

The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company\u2019s business, operational and compliance policies.\u00a0 Specifically, Defendants made false and\/or misleading statements and\/or failed to disclose that: (i) IV Tramadol was not safe for the intended patient population; (ii) as a result, it was foreseeable that the FDA would not approve the NDA for IV Tramadol; and (iii) as a result, the Company\u2019s public statements were materially false and misleading at all relevant times.<\/p>\n

On October 12, 2020, Avenue disclosed receipt of a Complete Response Letter (\u201cCRL\u201d) from the FDA regarding the NDA for its IV Tramadol product.\u00a0 Specifically, the FDA advised Avenue that \u201cit cannot approve the application in its present form\u201d because \u201cIV tramadol, intended to treat patients in acute pain who require an opioid, is not safe for the intended patient population.\u201d\u00a0 Specifically, the CRL stated: \u201c[I]f a patient requires an analgesic between the first dose of IV tramadol and the onset of analgesia, a rescue analgesic would be needed. \u00a0The likely choice would be another opioid, which would result in opioid \u2018stacking\u2019 and increase the likelihood of opioid-related adverse effects.\u201d<\/p>\n

On this news, Fortress\u2019s stock price fell $1.00 per share, or 23.98%, to close at $3.17 per share on October 12, 2020.<\/p>\n

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<\/u><\/a>.<\/p>\n

\n CONTACT:
<\/strong>Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com<\/u><\/a>
<\/a>888-476-6529 ext. 7980<\/p>\n

\n
\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

NEW YORK, Dec. 12, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Fortress Biotech, Inc. \u00a0(\u201cFortress\u201d or the \u201cCompany\u201d) (NASDAQ: FBIO) and certain of its officers.\u00a0\u00a0 The class action, filed in United States District Court for the Eastern District of New York, and docketed under 20-cv-05767, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Fortress securities between December 11, 2019 and October 9, 2020, both dates inclusive (the \u201cClass Period\u201d), seeking to recover damages caused by Defendants\u2019 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 … <\/p>\n

Continue reading “SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Fortress Biotech, Inc. of Class Action Lawsuit and Upcoming Deadline \u2013 FBIO”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-398616","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nSHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Fortress Biotech, Inc. of Class Action Lawsuit and Upcoming Deadline \u2013 FBIO - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-fortress-biotech-inc-of-class-action-lawsuit-and-upcoming-deadline-fbio-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Fortress Biotech, Inc. of Class Action Lawsuit and Upcoming Deadline \u2013 FBIO - 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