A lawsuit was filed on behalf of investors in Verrica Pharmaceuticals Inc. (NASDAQ:VRCA) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 07/30/2020 -- An investor, who purchased shares of Verrica Pharmaceuticals Inc. (NASDAQ: VRCA), filed a lawsuit over alleged Securities Laws violations by Verrica Pharmaceuticals Inc.
Investors who purchased shares of Verrica Pharmaceuticals Inc. (NASDAQ: VRCA) have certain options and for certain investors are short and strict deadlines running. Deadline: September 14, 2020. NASDAQ: VRCA investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
On June 29, 2020, Verrica Pharmaceuticals Inc disclosed receipt of a letter from the U.S. Food and Drug Administration ("FDA") regarding the Company's New Drug Application ("NDA") for VP-102 for the treatment of molluscum contagiosum. The letter identified certain deficiencies that preclude discussion of labeling and post-marketing requirements. Moreover, according to Verrica Pharmaceuticals Inc, the FDA's information requests have included "a specific request related to a potential safety issue with the applicator that could arise if the instructions for use were not properly followed."
Shares ofVerrica Pharmaceuticals Inc. (NASDAQ: VRCA) declined from $16.00 per share on June 24, 2020, to as low as $7.65 per share on July 14, 2020.
The plaintiff claims that between September 16, 2019 and June 29, 2020, the defendants failed to disclose to investors that the Company's proprietary applicator used for VP-102 posed certain safety risks if the instructions were not properly followed that, as a result, Verrica would incorporate certain user features to mitigate the safety risk, that the addition of the user feature would require additional testing for stability supportive data, that, as a result of the foregoing, regulatory approval for VP-102 was reasonably likely to be delayed, and that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
Those who purchased shares of Verrica Pharmaceuticals Inc. (NASDAQ: VRCA) have certain options and should contact the Shareholders Foundation.
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