{"id":402957,"date":"2020-12-18T12:03:17","date_gmt":"2020-12-18T17:03:17","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=402957"},"modified":"2020-12-18T12:03:17","modified_gmt":"2020-12-18T17:03:17","slug":"deadline-reminder-law-offices-of-howard-g-smith-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-fortress-biotech-inc-fbio","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/deadline-reminder-law-offices-of-howard-g-smith-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-fortress-biotech-inc-fbio\/","title":{"rendered":"Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Fortress Biotech, Inc. (FBIO)"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n BENSALEM, Pa.<\/span>, Dec. 18, 2020<\/span> \/PRNewswire\/ —\u00a0Law Offices of Howard G. Smith<\/span> reminds investors of the upcoming January 26, 2021<\/span><\/b>deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Fortress Biotech, Inc. \u00a0(“Fortress” or the “Company”) (NASDAQ: FBIO<\/a>) securities between December 11, 2019<\/span> and October 9, 2020<\/span><\/b> inclusive (the “Class Period”).<\/p>\n

Investors suffering losses on their Fortress investments are encouraged to contact the Law Offices of Howard G. Smith<\/span> to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com<\/a>.<\/p>\n

Fortress develops and commercializes pharmaceutical and biotechnology products.\u00a0 In December 2019<\/span>, the Company’s majority-controlled subsidiary, Avenue Therapeutics, Inc. (“Avenue”), submitted a New Drug Application (“NDA”) for its intravenous (“IV”) Tramadol product to the U.S. Food and Drug Administration (“FDA”) for the management of moderate to moderately severe pain in adults in a medically supervised health care setting.<\/p>\n

On October 12, 2020<\/span>, Avenue disclosed receipt of a Complete Response Letter (“CRL”) from the FDA regarding the NDA for its IV Tramadol product.\u00a0 Specifically, the FDA advised Avenue that “it cannot approve the application in its present form” because “IV tramadol, intended to treat patients in acute pain who require an opioid, is not safe for the intended patient population.”\u00a0 Specifically, the CRL stated: “[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.\u00a0 The likely choice would be another opioid, which would result in opioid ‘stacking’ and increase the likelihood of opioid-related adverse effects.”<\/p>\n

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

The complaint filed 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: (1) IV Tramadol was not safe for the intended patient population; (2) as a result, it was foreseeable that the FDA would not approve the NDA for IV Tramadol; and (3) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and\/or lacked a reasonable basis at all relevant times.<\/p>\n

If you purchased or otherwise acquired Fortress securities during the Class Period, you may move the Court no later than\u00a0January 26, 2021<\/span><\/b>to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to\u00a0learn more\u00a0about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire<\/span>, of Law Offices of Howard G. Smith<\/span>, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania<\/span> 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to\u00a0howardsmith@howardsmithlaw.com<\/a>, or visit our website at www.howardsmithlaw.com<\/a>.<\/p>\n

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.<\/p>\n

\n Contacts:
<\/b>Law Offices of Howard G. Smith<\/span>
Howard G. Smith, Esquire<\/span>
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com<\/a>
www.howardsmithlaw.com<\/a><\/p>\n

\n \"Cision\" View original content:http:\/\/www.prnewswire.com\/news-releases\/deadline-reminder-law-offices-of-howard-g-smith-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-fortress-biotech-inc-fbio-301195839.html<\/a><\/p>\n

SOURCE Law Offices of Howard G. Smith<\/span><\/p>\n<\/p><\/div>\n

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

PR Newswire BENSALEM, Pa., Dec. 18, 2020 \/PRNewswire\/ —\u00a0Law Offices of Howard G. Smith reminds investors of the upcoming January 26, 2021deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Fortress Biotech, Inc. \u00a0(“Fortress” or the “Company”) (NASDAQ: FBIO) securities between December 11, 2019 and October 9, 2020 inclusive (the “Class Period”). Investors suffering losses on their Fortress investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com. Fortress develops and commercializes pharmaceutical and biotechnology products.\u00a0 In December 2019, the Company’s majority-controlled subsidiary, Avenue Therapeutics, Inc. (“Avenue”), submitted a New Drug Application (“NDA”) for … <\/p>\n

Continue reading “Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Fortress Biotech, Inc. (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-402957","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nDeadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Fortress Biotech, Inc. 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Smith reminds investors of the upcoming January 26, 2021deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Fortress Biotech, Inc. \u00a0(“Fortress” or the “Company”) (NASDAQ: FBIO) securities between December 11, 2019 and October 9, 2020 inclusive (the “Class Period”). Investors suffering losses on their Fortress investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com. Fortress develops and commercializes pharmaceutical and biotechnology products.\u00a0 In December 2019, the Company’s majority-controlled subsidiary, Avenue Therapeutics, Inc. (“Avenue”), submitted a New Drug Application (“NDA”) for … Continue reading "Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Fortress Biotech, Inc. 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