Veru Class Action Lawsuit (VERU Lawsuit)
A lawsuit has been filed in the Southern District of Florida against Veru Inc., (VERU: NASDAQ) as well as failed to disclose material adverse facts about the data from the sabizabulin Phase 3 trial and the Company’s interactions with the FDA.
Shareholders who held VERU securities saw stock fell by 53.56%.
What is the Veru Class Action Lawsuit About?
The Veru Inc. Class Action Lawsuit (NASDAQ:VERU) (Veru Class Action Lawsuit) was filed after the market closed on November 9, 2022, the AdCom voted against granting Veru’s EUA request by an 8-5 margin. One AdCom member who voted against approval explained that there was “no direct evidence to support [sabizabulin’s] antiviral activity.”
Is There A Veru Class Action Lawsuit?
VERU:NASDAQ Class Action Lawsuit (VERU) was filed on December 5, 2022 on behalf of the shareholders. On November 9, 2022, the FDA AdCom convened. After the markets closed, it was announced that the AdCom had voted against granting Veru’s EUA request by an 8-5 margin. One AdCom member who voted against approval explained that there was “no direct evidence to support [sabizabulin’s] antiviral activity.”
An article entitled “FDA panel votes against Veru’s drug for severe Covid” published in STAT that evening explained that the AdCom had come to the decision “that a glimmer of potential life-saving benefit couldn’t make up for a long list of questions around the company’s main trial.”Veru’s stock price cratered in the aftermath of the AdCom vote.
After closing at $15.01 per share on November 9, 2022, the Company’s stock price dropped to $6.97 on November 10, 2022, a 54% drop.
Is There A Deadline For The VERU Lawsuit?
The deadline for Veru Class Action Lawsuit (NASDAQ:VERU) (Veru Inc.) is February 6, 2023 for a Lead Plaintiff.
How Much Did Shareholders Lose In VERU Stock?
Shareholders who held VERU securities saw stock price dropped to $6.97 on November 10, 2022, a 54% drop.
What Is Veru Lawsuit Complaint?
Levi & Korsinsky, LLP announces that a VERU class action lawsuit (Veru Class Action Lawsuit) has been filed on behalf of investors who purchased Veru Class Action Lawsuit (VERU) securities between May 11, 2022 – November 9, 2022, inclusive. For more on the VERU Lawsuit please contact us today.
According to the Veru Inc. lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that:
Throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the data from the sabizabulin Phase 3 trial and the Company’s interactions with the FDA.
Specifically, Veru misled its shareholders to believe that the data from the Phase 3 trial was sufficient to support Emergency Use Authorization (“EUA”) and even the submission of a New Drug Application (“NDA”) without any furtherstudies.
VERU’s filings therefore concealed the true risks faced by the Company in gaining approval for its EUA request.
If you suffered a loss in VERU, you have until February 6, 2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Why Levi & Korsinsky, LLP Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.
What Is The Lead Plaintiff Process?
According to the Private Securities Reform Act of 1995, any investor who bought or acquired VERU securities in the Class Period may apply for appointment as a lead plaintiff. The lead plaintiff is usually the movant who has the most financial interest in the relief sought. However, he or she must also be typical or adequate to the putative classes. The VERU class-action lawsuit is directed by the lead plaintiff. To litigate the Veru Class Action Lawsuit, the lead plaintiff may choose any law firm it wishes. The ability of an investor to share in any future recovery is not tied to being the lead plaintiff in the Veru Class Action Lawsuit.
What Does VERU Do?
Veru Inc., a biopharmaceutical company, focuses on developing medicines for the management of COVID-19, and breast and prostate cancers. Its commercial products comprise FC2 female condom/internal condom for the protection against unintended pregnancy and the transmission of sexually transmitted infections; and Entadfi, a capsule for the treatment of urinary tract symptoms.
The company’s drug candidates under development include Enobosarm, an oral selective androgen receptor agonist that is in phase III clinical trial for the treatment of AR+ ER+ HER2- metastatic breast cancer; Sabizabulin, which is phase 2b clinical trial for the treatment of AR+ ER+ HER2- metastatic breast cancer; and Enobosarm + abemaciclib combination therapy, which is in phase III clinical trial for the treatment of AR+ ER+ HER2- metastatic breast cancer.
In addition, its drug candidate also comprise Sabizabulin, which is in Phase 3 clinical trial for the treatment of metastatic castration and androgen receptor targeting agent resistant prostate cancer; VERU-100, a GnRH antagonist peptide injection, which is in Phase II clinical trial for the treatment of advanced hormone sensitive prostate cancer; Zuclomiphene Citrate, which is in Phase 2b clinical trial for treating hot flashes; and Sabizabulin, an oral microtubule disruptor with dual antiviral and anti-inflammatory to severe COVID-19 patients at risk for acute respiratory distress syndrome.
The company was formerly known as The Female Health Company and changed its name to Veru Inc. in July 2017. Veru Inc. was incorporated in 1971 and is headquartered in Miami, Florida.