The Law Offices of Frank R. Cruz reminds investors of the upcoming November 2, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Fennec Pharmaceuticals Inc. (Fennec or the Company) (NASDAQ: FENC) securities between February 11, 2020 and August 10, 2020, inclusive (the Class Period).
If you are a shareholder who suffered a loss, click here to participate.
On August 11, 2020, before the market opened, Fennec disclosed that it had received a Complete Response Letter (CRL) from the U.S. Food and Drug Administration (FDA) regarding the Companys New Drug Application (NDA) for PEDMARK. According to the CRL, after recent completion of a pre-approval inspection of the manufacturing facility of [Fennecs] drug product manufacturer, the FDA identified deficiencies resulting in a Form 483, which is a list of conditions or practices that are required to be resolved prior to the approval of PEDMARK.
On this news, the Companys share price fell $3.51, or 34%, to close at $6.66 per share on August 11, 2020, 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 Companys business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the manufacturing facilities for PEDMARK, the Companys sole product candidate, did not comply with current good manufacturing practices; (2) that, as a result, regulatory approval for PEDMARK was reasonably likely to be delayed; and (3) that, as a result of the foregoing, Defendants positive statements about the Companys business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased or otherwise acquired Fennec securities during the Class Period, you may move the Court no later than November 2, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. 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 learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.