A lawsuit was filed on behalf of investors in Veru Inc. (NASDAQ:VERU) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 01/10/2023 -- An investor, who purchased shares of Veru Inc. (NASDAQ: VERU), filed a lawsuit against Veru Inc. over alleged violations of Federal Securities Laws.
Investors who purchased shares of Veru Inc. (NASDAQ: VERU) have certain options and for certain investors are short and strict deadlines running. Deadline: February 6, 2023. NASDAQ: VERU investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
Miami, FL based Veru Inc., a biopharmaceutical company, focuses on developing medicines for the management of COVID-19, and breast and prostate cancers. On November 10, 2022, Veru Inc. announced that the U.S. Food and Drug Administration's Pulmonary-Allergy Drugs Advisory Committee (the "Advisory Committee") voted against granting emergency use authorization for the Company's product sabizabulin for treatment of hospitalized moderate to severe COVID-19 patients who are at high risk for acute respiratory distress syndrome. Specifically, the Advisory Committee voted 8-5 that the known and potential benefits of sabizabulin do not outweigh its known and potential risks. Shares of Veru Inc. (NASDAQ: VERU) declined from $12.93 per share on November 01, 2022, to as low as $5.15 per share on November 22, 2022.
The plaintiff claims that between May 11, 2022 and November 9, 2022, the Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the data from the VERU-111 Phase 3 trial and the Company's interactions with the FDA, that Veru Inc. 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 further studies, and that VERU's filings therefore concealed the true risks faced by the Company in gaining approval for its EUA request.
Those who purchased shares of Veru Inc. (NASDAQ: VERU) have certain options and should contact the Shareholders Foundation.
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